Digital finance platform Plaid says it has raised $575 million in new funding.
The financing, announced in a Thursday (April 3) blog post, follows a year in which the company marked what it calls a “meaningful expansion” of its product suite.
“Plaid has evolved from a business solely focused on bank linking, into a suite of data analytics products that are essential to financial services and adjacent markets,” Co-founder and CEO Zach Perrett wrote in the blog post.
“Whether it’s signing up new users, fighting fraud, enabling bank payments, or making underwriting decisions, our network is core to the way that our customers run their businesses and consumers run their financial lives.”
According to Perrett’s annual letter to shareholders, also published Thursday, new products accounted for more than 20% of Plaid’s annual recurring revenue last year, underlining the growth of the company’s alternative credit data, anti-fraud and bank payment businesses.
In addition, the letter said, Plaid has widened its client base to include “major enterprise players” such as Citi, H&R Block, Invitation Homes, and Rocket.
The letter also confirms reports from earlier this year showing the breadth of Plaid’s usage, saying that more than 1 out of 2 Americans have used Plaid.
