Mastercard, Visa invest in crypto-serving fintech unicorn Plaid

Investments • September 17, 2019, 6:15AM EDT
UPDATED: September 17, 2019, 6:19AM EDT
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Payments giants Mastercard and Visa have invested an undisclosed sum in Plaid, a crypto-serving fintech unicorn that recently hit a valuation of over $2.5 billion.

Zach Perret, co-founder and CEO of Plaid, announced the news in a blog post on Monday, saying that the firm is well on its way to create a consumer-first financial ecosystem that will “significantly improve the way people manage their financial lives.”

Plaid currently helps users to connect their bank accounts to an app, and serves cryptocurrency clients including exchange Coinbase and wallet provider Abra, among others such as American Express and Venmo, PayPal's mobile payment service.

This year, Plaid also debuted the list of LinkedIn’s top 50 U.S. startups, ranking at 49. The startup has raised over $350 million in venture capital funding to date.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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