Plaid Raises $250M Series C at $2.65B Valuation for Banking API Platform

Plaid announced a $250 million Series C funding round on December 11, 2018, achieving a $2.65 billion valuation. The round was led by Mary Meeker of Kleiner Perkins, with new investors Andreessen Horowitz and Index Ventures joining, bringing Plaid's total funding to $310 million. Based in San Francisco, Plaid provides API infrastructure that enables third-party applications to securely connect to users' bank accounts across more than 10,000 financial institutions in the U.S. and Canada.

Prominent customers include Venmo, Robinhood, and Coinbase. By 2018, Plaid's technology powered applications used by approximately 25% of U.S. bank account holders, up from 13% the prior year, demonstrating rapid adoption. The significant valuation reflects the market's recognition of banking connectivity APIs as foundational plumbing for embedded finance and the broader fintech ecosystem.

The funding is expected to support Plaid's product expansion and geographic reach as demand for open banking infrastructure accelerates.