Plaid raises $575M in latest funding

Plaid has raised $575 million led by Franklin Templeton, alongside Fidelity Management and Research, and others including existing Plaid investors NEA and Ribbit Capital.

Proceeds will be used to “address employee tax withholding obligations related to the conversion of expiring RSUs to shares,” according to the company’s blog. The funding will be used to offer some liquidity to Plaid’s current team as well.

Plaid said it had been a “record-setting year” on revenue, a return to positive operating margins, and a “meaningful” increase in the companies and markets that it serves. More than one in two Americans have used Plaid, according to the company.

Plaid, which is based in San Francisco, California, handles identity verification and has products in face and behavioral biometrics, among others. Those interested can read more on Plaid’s expanded product suite in its 2024 annual letter.

Article Topics

behavioral biometrics  |  biometrics  |  funding  |  identity verification  |  investment  |  Plaid  |  selfie biometrics