Fintech Plaid raises $ 575 million with a $ 6.1 million estimate, says it will not be public by 2025.

Boxwhich connects banking accounts to financial applications has sold ordinary shares worth about $ 575 million in a $ 6.1 billion estimate, Fintech confirmed to TechCrunch.

The estimate is about less than half of the $ 13.4 billion based in San Francisco Box was evaluated when he was raised Series D of $ 425 million In April 2021, in a round led by Altimeter Capital. A spokesman acknowledged the reduction, saying it was “a simple reflection of the shrinking of the crowd on the market.”

In fact, the higher interest rates have led to less estimates For many startups, which last increased at the top of the high cycle in 2021.

Still, the new Plaid rating is about 15% higher than Visa of $ 5.3 billion would pay for the company before This acquisition deal broke up In January 2021 due to regulatory concerns.

Plaid will not be public in 2025, but it is a cornerstone that the company continues to “track”, according to the spokesman. In October 2023, Caret called the former Expedia Eric Hart artist to serve as a new chief financial officerS The fact that it seems to be IPO – Although without a timeline – attract attention.

Today, the company claims to be “well concluded”.

“Plaid’s business is in a great position and we are optimistic about the opportunity,” the spokesman said.

Franklin Templeton led the “redirected” promotion, which also included the participation of new Fidelity, Blackrock Management and Research Belts and others in addition to existing NEA and Ribbit Capital investors. PLAID characterizes the transaction as “Not a series”, and more recently the sale of ordinary shares, which includes a company that directly issues new capital raising shares. This is different from the secondary sale of shares that happens when existing shareholders sell their shares to other investors without the company receiving new capital.

Room receipts will be used to deal with tax detention obligations on employees related to the transformation of the expired RSUS (Limited shares) of shares and to offer some liquidity to his current team through a tender offer to employees, said an offer, CEO and co-founder Zack Perret (the photo above).

Until the company breaks down how much capital goes to each initiative, a speaker told TechCrunch that the bigger part of the secondary sale is directed to the transformation of RSU, which will expire in the coming years.

“We have raised the capital to cover the issue of RSU leakage and has a small auction for employees, but this is not the overall round,” the spokesman said.

Restricted shares are usually issued to employees through a schedule for acquisition after reaching the necessary stages of performance or after staying with their employer for a period of time.

This promotion comes on the heels of what Perret described as “a record year of revenue, a return to positive operating margins, and a significant increase in Plaid of companies and markets.”

He did not provide solid revenue data, saying that revenue increased over 25% in 2024 and that the company approached “sustainable profitability”. In a letter with a shareholder reviewed by TechCrunch, Perret also wrote that new products represent more than 20% of PLAID ARR in 2024, “Appearing at 93% annually.”

Founded in 2012, PLAID launched as a company that connects consumer bank accounts to financial applications, but since then it has been gradually expanding its offers to include lending, identity checking, credit, anti-dishes and payments.

Being a multi -productive company has led to traction beyond traditional Fintech customers, which has begun to serve. President Jen Taylor told TechCrunch last June This growth of the enterprise and the traditional financial institution “is beginning to exceed the rest of its business.”

Overall a carriage saw “a big boom in the number of businesses“He served in 2024,” Perret wrote in the shareholder letter. The company counts Citi, Robinhood, H&R Block, invitation homes, Gofundme, Zillow and Rocket as “Key Customers”.

Perreth also wrote: “Our goal is to build software that makes the financial system easier and better for all. Our products are the basis on which many of the most famous financial brands are such as Arfirm, Chime, Robinhood and SOFI.”

Plaid has raised about $ 1.3 billion in funding throughout his life. He currently has 1200 employees in the United States, Canada, the United Kingdom and the EU.