Plaid, a company that connects bank accounts to financial applications, is working on a deal to allow early-stage investors and employees to sell their stock to Goldman Sachs, which will pay between $300 million and $400 million for existing shares, Bloomberg reported citing sources.
The tender offer, as such deals are called, will likely value the company lower than its previous financing round. Plaid raised a $425 million Series D at a post-money valuation of $13.4 billion in April 2021 in a deal led by Altimeter Capital.
But since then, higher interest rates have led to lower valuations for many fintech startups.
Plaid didn’t immediately respond to a request for comment.
While Plaid initially focused on fintech clients, its customer base now includes established financial companies like H&R Block, Western Union, and Citi. The company’s revenue increased more than 25% in 2024, Bloomberg reported last month.
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