Plaid Valued at $8 Billion as It Weighs U.S. IPO

Plaid is a U.S. fintech infrastructure company whose core service uses APIs to connect consumers’ bank accounts with financial applications. Visa agreed to acquire Plaid for $5.3 billion in 2020, but the deal was terminated in 2021 after the U.S. Department of Justice filed an antitrust lawsuit. Plaid has since remained independent and expanded into payments, identity verification and fraud prevention.

Plaid Chief Financial Officer Seun Sodipo recently said the company’s revenue rose 40% year on year in 2025, surpassing $500 million for the first time. Payments and fraud prevention products have also emerged as growth drivers beyond its core bank-account connectivity business. Sodipo said Plaid is currently prioritizing business expansion and a broader product portfolio. Management is in no rush to pursue an initial public offering and has not yet set an IPO timetable.

Founded by Zach Perret and William Hockey in 2013, Plaid’s core business connects financial applications with bank accounts. It later expanded into payments, identity verification, fraud prevention and credit analytics. Visa agreed to acquire Plaid for $5.3 billion in 2020, but the deal was abandoned after an antitrust challenge from the U.S. Department of Justice. Plaid’s shift toward a platform model and its potential public listing have since drawn close attention.

Plaid completed a tender offer for employee shares on February 26, 2026, valuing the company at $8 billion. That was about 31% above its $6.1 billion valuation in April 2025, when it raised $575 million in a round led by Franklin Templeton, but still about 40% below its 2021 peak of $13.4 billion. The exact transaction amount and participating investors have not been disclosed. The deal was primarily intended to give employees liquidity for their holdings.