Fintech is just getting started
Most Americans find money to be the most stressful part of their lives. It’s the limiting factor—on what we can do, where we can go, how we can live. In the past five years, fintech emerged as an industry, and with it came a massive improvement in the quality of products available to manage our financial lives. Whether built by a bank or a startup, the concept of a consumer-centric and digitally-delivered financial system is here to stay.
Today, we’re excited to announce that we’ve raised a $250M Series C to reinvest in the fintech ecosystem. With it, we’re planning to grow the team and expand our operations. We’re focused on shipping and scaling products that will both serve the growth and scale of these customers, and become the foundation for fintech for decades to come.
The coming years will continue to bring major changes to the financial ecosystem. As digitization simplifies financial products, banking services are becoming increasingly self-contained and embeddable. Instead of visiting a bank branch to get a loan, consumers can now apply for a mortgage via their phone as they search for a home. Indeed, many companies—for example, those in the sharing economy—consider embedded banking products to be a key differentiator for their hosts, drivers, sellers, and suppliers. Every company is becoming a fintech company.
Plaid’s role is to empower these innovators with a platform—and a data network—that delivers access to the financial system. We’re excited to have found a set of investors that shares our passion and vision for the future, including Mary Meeker, who will join our board.
We feel fortunate to power thousands of companies that have completely reshaped the way Americans live their financial lives. Their innovation has made financial services markedly more accessible and empowering than ever before. Yet, we’ve only just begun the fintech journey. We’re looking forward to this next chapter as we work to make money easier for everyone. Onward!