Plaid valued the fintech business at $6 billion, down from $13.4 billion in 2021, when it announced a fresh investment round on Thursday.
In addition to long-time supporters NEA and Ribbit Capital, this $575 million round includes new investors Franklin Templeton, Fidelity, and BlackRock. The company saw tremendous growth, hitting record sales and positive operating margins, according to CEO Zach Perret.
However, he admitted that the reduced valuation was a reflection of the state of the industry. Additionally, certain employees will have the chance to cash out thanks to the funding.
Source (CNBC)
