Plaid raises $575M, takes valuation cut compared to 2021 raise

Plaid raised $575 million in a funding round.

The round, which included Franklin Templeton, BlackRock, NEA and Ribbit Capital, valued the fintech at $6 billion, off more than half from its $13.4 billion valuation in 2021.

Plaid said this round would be its lase private fundraiser, indicating that the company is getting closer to filing for an initial public offering.

The new funding round lets employees cash out of restricted stock units that expire at yearend.

Plaid agreed in 2020 to sell to Visa for $5 billion but the deal fell through following regulatory scrutiny.