Plaid announces Series D extension featuring AmEx and JP Morgan
Open banking platform Plaid has announced further investment, this time an extension on its Series D from JP Morgan Private Capital and AmEx Ventures.
The firm has not disclosed the value of the extension, yet it adds to the $425 million injection from four months ago, which valued Plaid at $13.5 billion.
CEO Zach Perret says its new backers are “storied companies intrinsic to the fabric of financial services, and are important partners”.
He adds: “Both JP Morgan’s Growth Equity Partners and American Express will be critical in our effort to enable great financial outcomes for consumers and drive innovation in the industry.”
Plaid’s valuation has now more than eclipsed the price tag Visa fronted to acquire the fintech.
The news of no-deal followed pressure from US regulators to drop what was arguably one of the most profiled fintech deals of its time.
The US Department of Justice (DOJ) filed a civil antitrust lawsuit against the merger back in November.
It alleged Visa’s reason for acquiring Plaid was to take a future competitor out of the market.
Earlier this month, Plaid paid $58 million to settle a data privacy class action after six months of negotiation.