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JP Morgan Private Capital and AmEx invest in Plaid

JP Morgan Private Capital and AmEx invest in Plaid

Open banking platform Plaid has topped up its Series D financing round with investments from JP Morgan Private Capital Growth Equity Partners and Amex Ventures.

The amount invested was not disclosed but it comes four months after the initial $425 million Series D, which valued Plaid at $13.5 billion.

That valuation was a big step up from a recently aborted $5.3 billion Visa deal, blocked by the US Justice Department over competition concerns.

AmEx is an existing Plaid investor but this is a first for JP Morgan, whose CEO Jamie Dimon has previously been highly critical of the fintech, accusing it of "improperly using data that's being given to them".

Says Plaid CEO Zach Perret: "These are storied companies intrinsic to the fabric of financial services, and are important partners. Both JP Morgan’s Growth Equity Partners and American Express will be critical in our effort to enable great financial outcomes for consumers and drive innovation in the industry."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 18 August, 2021, 12:59Be the first to give this comment the thumbs up 0 likes

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