Plaid plus Citi and Amex

Changing the landscape of financial services requires a partnership between financial institutions, technology firms, and startups. With this in mind, we’re excited to share that Citi and American Express invested in Plaid as part of our previously announced Series B. Over the past four years, we’ve helped to power thousands of applications that have reshaped financial services. We feel fortunate to have helped create an industry—fintech—that is pushing financial services to evolve in a consumer-centric and technology-driven way.

Plaid’s mission is to enable innovation in financial services, and the past few years have brought a huge number of new businesses iterating on aspects of banking, savings, investments, lending, and reporting, and more. We’ve seen startups like Venmo, Square, Coinbase, Gusto, Acorns, and hundreds more emerge and give power and functionality to consumers and businesses alike. But financial services innovation is not just about startups and technology companies.

As consumers, our financial lives revolve primarily around our checking account. This is where we receive paychecks, transfer funds, pay bills, make investments, and fund our day-to-day lives. The bank account essentially acts as the hub of our financial lives, but consumers and businesses alike need interconnectivity between their accounts and the tools they use. With this idea in mind, we’ve seen many banks make huge strides toward ensuring consumer access to financial data and tools in recent years.

We couldn’t be more excited to bring on Citi and American Express as investors and to help further connect traditional financial institutions with new technologies. We have a long way to go toward building a truly open, innovative, and interconnected financial ecosystem, and we’re excited for Plaid to play a role in shaping the future of financial services. Onward.

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