Financial technology company Plaid Inc. said that Visa Inc. and Mastercard Inc. were strategic investors in a $250 million round of Series C financing raised in December.
The fintech startup, whose technology lets people connect their bank accounts to mobile apps like Venmo, did not disclose the size of Visa and MasterCard’s investment in a statement announcing the deal.
“Financial services are in the midst of a digital revolution, led by the fintech market,” Zach Perret, Plaid’s chief executive officer, said in the statement. “We … look forward to collaborating with Visa and Mastercard at the intersection of commerce and financial services.”
Founded in 2013, Plaid has some $310 million in financing from backers including financial giants Goldman Sachs Group Inc., Citigroup Inc., and American Express Co.