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Goldman Sachs backs Plaid Technologies

FinTech venture Plaid Technologies has raised $44 million in Series B funding, led by Goldman Sachs Investment Partners. The cash will be used to enhance the San Francisco-based startup’s suite of APIs, grow its team, support deeper integrations with financial institutions, and expand into international markets.

 “We’re at the beginning of what promises to be an exciting few years in financial services,” says Zach Perret, CEO and co-founder of Plaid. “The pace of innovation in financial services is just starting to ramp up, and we’re excited to collaborate with financial institutions, incumbents, and new startups to build the tools that consumers and businesses need to live better financial lives. As the platform upon which thousands of applications are now built, we’re excited to use this new capital to continue to scale our operations.”

The company’s technology platform enables applications including Venmo, Gusto, OptionsHouse, TransferWise, and charity:water to connect with their users’ bank accounts. “Plaid is leading the way in making the next generation of financial technology possible by serving as the data layer between financial institutions and applications,” says Christopher Dawe, co-head of the venture capital and growth equity team at Goldman Sachs Investment Partners. “In a short amount of time the company has reached millions of end users across a variety of applications, which exemplifies the power of data network effects and scale advantages. We are excited to partner with Plaid and support the business as it continues to enable financial innovation.”

By Scott Thompson

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