Plaid raises $425M Series D from Altimeter as it charts a post-Visa future

Plaid, a unicorn that helps connect consumers’ bank accounts to financial applications, has raised a $425 million Series D, it announced this morning. TechCrunch understands that the new capital infusion, led by Altimeter Capital, values the company at around $13.4 billion.

It is not surprising that Plaid, a former takeover target for consumer credit giant Visa, is raising more capital. After its $5.3 billion sale to the larger company fell through this January, it became clear that Plaid would chart its own future, sans a corporate parent.

When the Visa-Plaid deal did finally grind to a halt in the face of regulatory scrutiny there was chatter amongst startup and venture folks that the sale dying out was a good thing. Why? Because Plaid had had a great 2020 and was generally agreed to be worth far more than what Visa had agreed to pay.

The startup’s Series D valuation confirms the sentiment. And it wasn’t merely Altimeter that was willing to put capital into the company at its new valuation. The group was joined by two more news investors, Silver Lake Partners and Ribbit Capital. Silver Lake is a private equity leviathan with dozens of billions of dollars under management, while Ribbit is known for its myriad fintech bets.

In short, Plaid has picked up a hybrid of investor scale, late-stage guidance, and fintech acumen in a single round. A number of prior investors also put capital into round.