latticeThe fintech company confirmed to TechCrunch that it connected its bank accounts to financial applications and has sold $575 million worth of common stock at a currency valuation of $6.1 billion.
The valuation is about half of the $13.4 billion headquartered in San Francisco lattice Be valued when raised A $425 million D In April 2021, led by Helicopter Capital. A spokesman acknowledged the decline, saying it was only a “reflection of the contraction of the entire market multiple”.
Indeed, higher interest rates lead to Reduce valuation For many startups that are rising at the top of the 2021 high cycle.
Still, the new valuation of the grid is 15% higher than the $5.3 billion visa. That acquisition agreement collapsed Due to regulatory issues, January 2021.
The spokesman said the grid will not be publicly published in 2025, but it is a milestone for the company to continue to “track”. October 2023, the grid is named former Expedia Exececon Hart As its new chief financial officer. It seems to be Pay attention to IPO – Although there is no timetable, it has attracted people’s attention.
Today, the company insists that it has been “well-designed.”
“The grid business is in a great position and we are optimistic about the opportunities ahead,” the spokesperson said.
Franklin Templeton led the “oversubscribe” pay raise, which also included new backers Fidelity Management and Research, Blackrock, and other investors outside NEA and Ribbit Capital. The lattice will trade as “not Series E” but rather the sale of common stock, which involves a company that directly issues new shares to raise funds. This is unlike secondary stock sales, which occurs when existing shareholders sell their shares to other investors without receiving any new capital.
This round of proceeds will be used to resolve employee tax obligations related to conversion under RSUS (Restricted stock units) CEO and co-founder Zach Perret (pictured above) said in a blog post that it is time to share and provide some liquidity to the current team through employee tender offer.
Although the company does not break down the exact capital of each plan, a spokesperson told TechCrunch that most of the minor sales will be used to convert RSUs that expire in the coming years.
“We raised funds to address the RSU expiration issue and the staff bids were small, but that was not the entire round,” a spokesperson said.
Restricted stock units are usually issued through the vesting schedule after the employee reaches the desired performance milestone or after the employee has maintained a specific period of time with the employer.
The raise is what Perre will describe as a “record year of revenue, restoring positive operating margins and meaningful growth in the company and market” high heels.
He did not provide hard earnings data, he said revenue grew 25% in 2024 and that the company is approaching “continuous profitability.” In a shareholder letter viewed by TechCrunch, Perret also wrote that new products account for more than 20% of Plaid ARR in 2024, “more complex at a rate of 93% per year.”
Founded in 2012, Plaid is a company that connects consumer bank accounts with financial applications, but has since gradually expanded its products to include loans, identity verification, credit reporting, anti-fraud and payments.
As a multi-product company, it has led to the appeal of traditional fintech clients that it began serving. President Jen Taylor Telled TechCrunch in June last year This growth of enterprises and traditional financial institutions “starts to outweigh the rest of the business.”
Overall, the grid sees “ enterprisePerre wrote in a shareholder letter. The company wrote in a shareholder letter. The company counts Citi, Robidin, H&R Block, Invitation House, Gofundme, Zillow and Rocket and Rocket as “main customers.”
Perre also wrote: “Our goal is to build software that makes the financial system easier and better for everyone. Our products are the bedrock built by many of the most famous financial brands – certainly, companies like Chim, Rand and Sofa.”
Grid raised about $1.3 billion in funding throughout his life. Currently, it has 1,200 employees in the United States, Canada, the United Kingdom and the European Union.
