Funding round
Plaid Series C
Plaid, which works in financial data connectivity solutions in San Francisco, raised $250M in a Series C round announced on 11 Dec 2018, led by Kleiner Perkins, at a $2.65B post-money valuation. 11 firms took part, 4 of them already investors. It is Plaid's third venture round on record; the one before was a Series B in Jun 2016.
$250M
Amount raised
$2.65B
Post-money valuation
$2.40B pre-money
11
Investors
1 lead
9.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Plaid at $2.65B after the new money. The $250M bought investors about 9.4% of the company. It came 30 months after Plaid's Series B. It is 19% of the $1.30B Plaid has raised in the venture rounds on record. Plaid raised again 28 months later: a Series D round of $425M in Apr 2021, at $13.40B post-money.
Plaid's funding rounds
Plaid has 5 venture rounds on record and 1 other deal. This one is highlighted.
- Seed 19 Sep 2013, led by Spark Capital $2.8M
- Series B 20 Jun 2016, led by Goldman Sachs $44M
- Series C this round 11 Dec 2018, led by Kleiner Perkins $250M$2.65B post-money
- Acquisition not a venture round 13 Jan 2020, led by Visa Inc. $5.30B
- Series D 7 Apr 2021, led by Altimeter, Silver Lake and Ribbit $425M$13.40B post-money
- Growth 3 Apr 2025, led by Franklin Templeton, Fidelity Management and Research and BlackRock $575M$6.10B post-money
Investors
Who put money in
Kleiner Perkins led the round with 10 other firms. Goldman Sachs, New Enterprise Associates, Spark Capital and Kleiner Perkins had backed Plaid before.
Lead investor
- Kleiner Perkins backs 285 venture-backed companies existing investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Index Ventures backs 353 venture-backed companies new investor
- Goldman Sachs backs 218 venture-backed companies existing investor
- New Enterprise Associates backs 286 venture-backed companies existing investor
- Spark Capital backs 234 venture-backed companies existing investor
- Norwest backs 215 venture-backed companies new investor
- Coatue backs 229 venture-backed companies new investor
- Citi new investor
- American Express new investor
- GV backs 428 venture-backed companies new investor
Joined the board: Mary Meeker (Kleiner Perkins).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
14 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $73M, and this round was 3.4 times the median. The closest in time, other companies' Series C rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 20 Dec 2018 | $125M | not disclosed | not named |
| Payment Processing & Point of Sale | 16 Jan 2019 | $100M | not disclosed | Warburg Pincus |
| Payment Processing & Point of Sale | 13 Nov 2018 | $100M | not disclosed | Elavon and National Australia Bank |
| Payment Processing & Point of Sale | 19 Nov 2018 | $27M | not disclosed | Kleiner Perkins |
| Payment Processing & Point of Sale | 5 Oct 2018 | $125M | $1.10B | Greenoaks Capital and DST Global |
| Airwallex Payment Processing & Point of Sale | 26 Mar 2019 | $100M | $1.00B | DST Global |
| Payment Processing & Point of Sale | 28 Aug 2018 | $17M | not disclosed | Sallie Mae |
| Payment Processing & Point of Sale | 12 Jul 2018 | $55M | not disclosed | ITOCHU Corporation |
Sources
Where this comes from
Reported by 3 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Plaid raise in its Series C round?
Plaid raised $250M in its Series C round, announced in Dec 2018.
Who led Plaid's Series C round?
Kleiner Perkins led it, with Andreessen Horowitz, Index Ventures, Goldman Sachs, New Enterprise Associates and Spark Capital and 5 more.
What was Plaid's valuation at the Series C round?
$2.65B post-money ($2.40B pre-money).
How does it compare with other Series C rounds in Payment Processing & Point of Sale?
14 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $73M, and this round was 3.4 times the median.
Did Plaid raise again after this round?
Yes: a Series D round in Apr 2021 of $425M at $13.40B post-money.