Plaid technology underpins some of North America’s biggest fintech businesses, including Venmo, Robinhood and Coinbase
Fresh off the heels of a $250m fundraising, US technology provider Plaid is plotting a hiring drive to expand into Europe.
Based on a review of its jobs board, the start-up is looking to fill at least 10 Europe-focused roles, including a Europe lead and a UK lead specialising in go-to-market strategy. The additional roles span sales, engineering and policy.
A company spokesperson told Financial News: “Our plan has always been to bring the financial connectivity Plaid offers to a global stage, but we have no specific expansion plans to announce at this time.”
Plaid raised $250m in December 2018, with US venture capital companies Kleiner Perkins, Index Ventures and Andreessen Horowitz participating alongside existing investors Goldman Sachs and Spark Capital.
The series C fundraising gave Plaid a $2.65bn valuation, according to an article by TechCrunch citing sources close to the company.
Plaid specialises in software that gives fintech companies access to banking data, specifically data around customers’ accounts and transactions. In the UK, such access is mandated by the “open banking” regulation, introduced in April 2018.
A potential London-based competitor to Plaid is TrueLayer, an open banking specialist which has raised $11.8m to date from investors including venture funds Northzone and Anthemis Group.
Plaid will pose a serious challenge from a capital standpoint; the US company has raised $309.3m to date.
Plaid’s clients include some of North America’s biggest fintech businesses, including payments companies Stripe and Venmo, the trading platform Robinhood, the crypto-trading outfit Coinbase and LendingClub, the digital lender.
But Plaid also works with “a growing number of Fortune 50 companies”, and the sales roles listed on its website — which span start-ups, mid-market players and enterprise level sales — suggest the company will attempt to do the same in Europe.
The UK lead being sought by Plaid will be tasked with building the company’s physical presence in London and engaging with policymakers.
The Europe lead, to be based in Amsterdam, will have a similar set of responsibilities.
Date: May 03, 2019
Source: Financial News