Plaid

Plaid is a financial technology company that provides infrastructure and APIs allowing applications and services to connect to consumers' financial accounts. When a user links an account, a Plaid window opens in which the user selects their financial institution, signs in, and chooses what information to share; Plaid then transfers the permitted data from the institution to the app via its API. The company states it does not share the user's institution credentials with the apps and does not store credentials, and it offers Plaid Portal, a consumer tool for reviewing connected apps, managing permissions, disconnecting accounts, and deleting data from Plaid's systems [0][2][4].

Beyond account linking, Plaid markets a product suite spanning bank payments, credit scoring and underwriting based on real-time financial behavior, fraud protection, instant onboarding/identity flows, and personal financial management data, as well as AI-oriented infrastructure for financial products [0]. Its CEO has described the company as having evolved from a business focused solely on bank linking into a suite of data analytics products used for user signup, fraud prevention, bank payments, and underwriting decisions [5]. According to press coverage, Plaid has expanded in credit scoring, including a collaboration with Fair Isaac Corp. (FICO) on a metric augmented by real-time cash-flow data and the launch of its own credit score, and has seen growing usage from artificial intelligence companies [6].

Plaid is not a bank and does not hold funds or provide banking services; the apps that use Plaid pay fees for the connection, while consumers are not charged [2][4].

Business model

Plaid sells API-based connectivity and data products to companies building financial services. Apps and services that connect consumer financial accounts through Plaid pay Plaid a fee for enabling the connection; consumers are not charged [4]. Prospective customers obtain API keys and documentation and can request contact with a sales team [0].

Fees paid by the apps, fintechs, and enterprises that use Plaid's connections and data products rather than by end consumers [4]. The company reported a record revenue year for 2024, with revenue growth of more than 25% and a return to positive operating margins [5][7].

Traction

Reported metrics include 9,000+ apps and services built on Plaid, 12,000+ connected financial institutions across 20 countries, over one million daily connections, 25% higher onboarding conversion claimed for customers, and 1 in 2 U.S. adults with a bank account having used Plaid [0][2][3]. In 2024 the company reported record revenue, growth of more than 25%, positive operating margins, and expansion in the number of enterprises building with Plaid [5][7].

Latest developments

In April 2025 Plaid raised approximately $575 million led by Franklin Templeton at a $6.1 billion valuation, bringing total funding to $1.3 billion; proceeds were earmarked for employee tax withholding tied to expiring RSUs converting to shares and for employee liquidity, and the company said it would not go public that year while continuing to track toward a listing [5][7]. In February 2026, reporting indicated Plaid secured an $8 billion valuation in a further round structured to provide employee liquidity, with the amount undisclosed. Plaid has also expanded in credit scoring via a FICO collaboration on a cash-flow-augmented metric and its own credit score, and has seen increased usage from AI companies [6].