Plaid powers to $2.65bn valuation through hefty Series C financing round

Plaid, which specialises in tech and development tools for financial services software and apps, has hit a huge $2.65bn valuation through its latest financing round.

VC industry heavyweight Mary Meeker is taking part in the $250m Series C in what could be her final deal for Kleiner Perkins, the firm she agreed to split from two months ago.

She will join Plaid’s board as part of the round, which received capital from Kleiner’s growth vehicle rather than from her own planned new fund.

Plaid was valued at less than $1bn at the time of its $44m Series B round two years ago.

Goldman Sachs Investment Partners led that round, with other capital coming from existing backers including NEA.

Plaid’s customers include Venmo, Coinbase, American Express and Betterment, with its tech allowing them to perform functions including authentication and ID management, accessing detailed transaction histories, and verifying borrowers’ assets.

Other backers of the bumper Series C round included fellow tech investment major Andreessen Horowitz, Index Ventures and Spark Capital, while Goldman and NEA renewed their commitments to the company with more funding.

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