Plaid Raises $575 Million in Funding Round at $6.1 Billion Valuation

Plaid has raised $575 million in a new funding round that values the fintech company at $6.1 billion, multiple media outlets reported Thursday, citing sources familiar with the matter.Franklin Resources' (BEN) Franklin Templeton unit reportedly led the funding round, which included Fidelity Management & Research, BlackRock (BLK), and previous investors Ribbit Capital and NEA. Investment firm 1789 Capital contributed $50 million to the funding, Bloomberg reported, citing a source.The fintech company plans to use the funds to pay tax obligations linked to employee stock units and provide liquidity to staff, according to the reports.CEO Zach Perret said the $6.1 billion valuation, down from a $13.4 billion valuation in 2021, reflects current market conditions, the reports said.Plaid is aiming for an initial public offering but is not yet ready and did not give a specific timeline, CNBC reported, citing CEO Zach Perret.Plaid, Franklin Templeton, Fidelity, BlackRock, Ribbit Capital, NEA, and 1789 Capital did not respond to requests for a comment from MT Newswires.Price: 898.24, Change: -63.60, Percent Change: -6.61

Plaid Raises $575 Million in Funding Round at $6.1 Billion Valuation

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