Plaid, which connects bank accounts to financial applications, has sold about $575 million worth of common stock at a $6.1 billion post-money valuation, the fintech company confirmed to TechCrunch.
The valuation is about less than half of the $13.4 billion that San Francisco-based Plaid was valued at when it raised a $425 million Series D in April 2021 in a round led by Altimeter Capital. A spokesperson acknowledged the decrease, saying it was “simply a reflection of the contraction of multiples across the market.”
Indeed, higher interest rates have led to lower valuations for many startups that last raised at the top of the high…
