Plaid, a fintech startup based in San Francisco, has raised $425 million in a Series D round, bringing its valuation at $13.4 billion. According to an official blog post, Plaid raised funds from new investors, including Altimeter Capital, Silver Lake, and Ribbit Capital in addition to Andreessen Horowitz, Index Ventures, Kleiner Perkins, and others.
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With the investments, the company will continue expanding its APIs that connect consumers' bank accounts to financial applications. Plaid's investments come after Visa failed to acquire the unicorn over regulatory pressure from the US Department of Justice.
Visa was planning to acquire the company for $5.3 billion. However, the watchdog said the deal would "eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers."
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