Amex and JP Morgan Private Capital back Plaid

Open Banking platform Plaid has secured additional Series D funding from JP Morgan Private Capital Growth Equity Partners and existing investor Amex Ventures, topping up the initial $425 million raised as part of the round.

Plaid did not disclose the amount or the terms of the latest Series D investment, which is the first time JP Morgan has backed the fintech.

In a post on LinkedIn, Amex Ventures wrote: “Since our original investment in the company’s Series B, Plaid has become essential fintech infrastructure, propelling a new generation of applications to market faster.”

Its $425 million Series D funding round announced in April was led by new investors Altimeter Capital and Silver Lake Partners, and valued the company at $13.5 billion.

Zach Perret, co-founder and CEO of Plaid, wrote in a blog post published yesterday (17 August): “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.”

He continued: “As we look to support the massive growth in fintech, we’ll be accelerating our investments in building products that enable an open, easy to use, and secure financial services ecosystem.”