Plaid, the San Francisco-based financial technology infrastructure provider, has received strategic investments from Mastercard and Visa as part of a $250 million round of funding. Plaid did not disclose the two networks' specific investments.
The Series C round of funding brings Plaid’s total outside investments to $310 million, with investors including Amex, Citi, Mary Meeker, Index Ventures, NEA and a16z, according to a Monday press release.
The new funds will go toward enriching technology digital payments technology available through Plaid’s platform, which powers services from Venmo, Acorns and Betterment, the release said.
“Financial services is in the midst of a digital revolution, led by the fintech market and many forward-leaning financial institutions,” said Zach Parrett, Plaid’s CEO, in the release, adding that Visa and Mastercard are “at the intersection of commerce and financial services.”
