Plaid cofounders William Hockey and Zach Perret have raised $250 million to expand -- and hedge against a potential tougher market for startups in 2019. Now, after a $250 million fundraise, fintech’s plumbers are worth more than many of their better-known customers. But the deal in Plaid comes from the lame-duck Kleiner growth fund, which led the $250 million Series C alongside new investors Andreessen Horowitz and Index Ventures. Plaid’s valuation has soared from $250 million in 2016 to $2.65 billion in just two years after the new funding, a source with knowledge of the round says. Long-term thinking is a big reason that Plaid chose Meeker, although the circumstances of the investment are somewhat convoluted.

Source: Forbes December 11, 2018 12:01 UTC