Plaid provides technical infrastructure APIs that connect consumers, traditional financial institutions, and developers. The company also provides key insights to the data access that they provide with a suite of analytics products. Recently, Plaid was selected for the 2019 Forbes FinTech 50 startups list.
PRODUCTS & SERVICES:
The company provides the following products:
1. ACH: Enables users to instantly authenticate bank accounts without microdeposits
2. Balance: Allows to pull historical data and real-time balances to decrease NSFs.
3. Identity: Allows the use of bank data to verify identities and reduce fraud.
4. Transactions: Allows users to get reliable bank statement data from various institutions.
5. Assets: Allows verifying borrowers' assets straight from the source.
6. Income: Allows a user to validate income and verify employer info and depository data.
Provides technology which makes use of high-quality transaction data, validate account ownership, and mitigate risks in a user-friendly way. The company plans to deepen its analytics product offerings (by the end of 2017), which is designed to help address the financial system with regard to risk and fraud.
After the latest funding round, the company's valuation is at $2.65 billion. (Dec. 2018)
ACTIVE USERS COMMENT:
The company reports that the app has integrated with more than 10,000 banks and connected to nearly 20 million consumer accounts. Along with that, the customer base has grown its twice from 2017 to 2018. (Dec. 2018)
The company says that 25% of people in the United States with bank accounts have connected to Plaid through an app – a 13% increase from last year. (Dec. 2018)
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company will use its funds to build new products and expand the size of its team. (Dec. 2018)