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Plaid adds Mary Meeker to its board as they raise $250 million funding

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The startup Fintech company, Plaid, announces that Mary Meeker has led a $250 million funding round and that Meeker will join Plaid’s board.

Plaid is a financial technology company that builds a technology platform which enables applications to connect with users’ bank accounts. The company is focused on democratizing financial services through technology. It was founded by Zach Perret and William Hockey in 2013.

The Fintech company just hit a Silicon Valley milestone having a $2.7 billion valuation. The start-up also raised a $250 million funding with the help of Mary Meeker on behalf of Kleiner Perkins Caufield & Byers. A former Managing Director at Morgan Stanley, Meeker led Kleiner’s digital growth equity team, which focused on later-stage, high growth internet companies.

Meeker will leave Kleiner Perkins Caufield & Byers to start a firm. According to her, Plaid has built an important underpinning for financial services on the web and mobile, and allowed businesses to rapidly launch innovative products, drive growth, and enhance consumer satisfaction.

Plaid’s CEO, Zach Perret, said in an interview that they are really fortunate to have incredible growth in the Fintech ecosystem and have been a key partner in driving that growth. Andreessen Horowitz and Index Ventures were among the new investors backing up Plaid.

Meeker, currently a director on the boards of LendingClub Corp., Square Inc., and DocuSign Inc., will be joining Plaid’s board.

As of December 2018, 25 percent of people in the United States with bank accounts were already connected to Plaid through a Plaids app.