After raising nearly $425 million in a Series D funding round during April 2021, fintech firm Plaid announced additional funding from JPMorgan Private Capital Growth Equity Partners and the company’s existing investor Amex Ventures.

According to an official announcement, Plaid is planning to accelerate the expansion of its product offerings through the latest funding. Additionally, the company termed the recent partnership with JPMorgan and Amex Ventures as an important step to enable great financial outcomes for consumers.

In April 2021, the company secured $425 million in a Series D investment round led by Altimeter Capital and Silver Lake Partners. Moreover, Plaid received a valuation of approximately $13.4 billion.

“We built Plaid with a simple vision: if we could create a more open and connected financial system, consumers would benefit from more choice, control and oversight over their financial lives. Today, we are excited to announce funding from J.P. Morgan Private Capital Growth Equity Partners and existing investor Amex Ventures as part of our previously announced Series D, which was led by Altimeter Capital and Silver Lake Partners,” Plaid mentioned in the announcement.

In May 2021, Plaid collaborated with Square, one of the leading financial firms in the US, to give merchants in the US a better experience regarding ACH payments.

Digital Transformation

Plaid highlighted the importance of digital transformation in the global financial industry and mentioned that the company is planning to introduce innovative products to facilitate banks and financial technology companies.

“As we look to support the massive growth in fintech, we’ll be accelerating our investments in building products that enable an open, easy to use and secure financial services ecosystem. While we’re still in the early innings of the digital transformation in financial services, we’re excited to work with the thousands of banks, fintech and non-financial institutions in our network to create what’s next,” Plaid added.

Earlier this year, Venture Capital firm Illuminate Financial received backing from JPMorgan.