Plaid, a fintech firm that connects bank accounts to financial apps, has raised US$575 million in a common stock sale, bringing its post-money valuation to US$6.1 billion.

The deal was led by Franklin Templeton, with participation from new investors like Fidelity and BlackRock, as well as existing backers NEA and Ribbit Capital.

This marks a drop from its US$13.4 billion valuation in April 2021 but remains above the US$5.3 billion valuation during the scrapped Visa deal.

A company spokesperson cited broader market conditions and lower valuation multiples as reasons for the decline.

The funds will mainly cover employee tax obligations tied to expiring (Restricted Stock Units) RSUs and provide limited liquidity through an employee tender offer.

Founded in 2012, Plaid has grown its services beyond bank connections to include lending, identity verification, credit reporting, and payments. In 2024, the company posted over 25% revenue growth and neared sustained profitability.

Plaid employs about 1,200 people and has no plans to go public in 2025, though it is working toward that goal.