December 11, 2018 / 2:41 PM / a year ago

Fintech startup Plaid valued at $2.65 billion in latest funding round: source

(Reuters) - Fintech startup Plaid has raised $250 million in its latest funding round led by one of Silicon Valley’s top investors, Mary Meeker, which according to a source familiar with the matter values the company at $2.65 billion.

The company, which counts Goldman Sachs, American Express and Citigroup as its investors, said on Tuesday it expects to use the proceeds to grow its team and expand operations.

The funding round was also backed by Index Ventures and Andreessen Horowitz and saw participation from existing investors Goldman Sachs, NEA and Spark Capital.

The $250 million capital raise is an increase from Plaid’s previous $44 million Series B round, and $225 million valuation, according to venture capital database Pitchbook.

Plaid provides other companies software to help them create easy and accessible financial services applications. Its interface powers several platforms such as Venmo, American Express, Citigroup, Coinbase and Fannie Mae.

The company was started in 2013 by William Hockey and Zachary Perret and has more than 150 employees. It has raised a total of $309.3 million in funding over four rounds, according to data provider Crunchbase.

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur

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