Fintech company Plaid raised a new round of capital that nearly triples its valuation a few months after a deal to be bought by Visa fell apart.
The company announced a $425 million Series D funding round on Wednesday, led by Altimeter Capital with participation from new investors, Silver Lake and Ribbit Capital. Earlier investors Andreessen Horowitz, Index Ventures, Kleiner Perkins and New Enterprise Associates also added to the round.
The new financing boosts Plaid’s valuation to $13.4 billion, according to a person familiar with the matter, who asked not to be named because the details were private. The Information first reported that Plaid was in the process of raising money.
Early last year, Visa agreed to buy Plaid for $5.3 billion, which at the time was double the San Francisco-based start-up’s previous valuation. The Department of Justice sued to block the deal, alleging that it would limit competition in the payments industry. A few months later, Visa scrapped its takeover efforts. The companies said the decision to end the merger was mutual.