Plaid will use the funding to increase the size of the team and expand operation to better serve its customers.
According to Plaid, banking services are turning into self-contained and embeddable as financial products are simplified through digitization.
The digitization is enabling consumers to apply mortgage loan through their phone, instead of going to a bank branch.
Plaid also stated that multiple companies consider embedded banking products serve as crucial differentiator for their hosts, drivers, sellers and suppliers.
Plaid has been established to connect financial services with technology. The firm is engaged in the development of advanced infrastructure and intelligent tools to provide solutions to the customers in the financial industry.
The company has developed technical infrastructure APIs, which connect consumers, traditional financial institutions, and developers. Its suite of analytics products will help add key insights to the data.
With iverse backgrounds and skills, the firm is involved in the development of efficient and inclusive financial infrastructure for the customers.
Plaid provides six products to the customers, including transactions, auth, identity, balance, assets and income.
Plaid enables to access transactions data from multiple financial institutions, and integrate enhanced geolocation, merchant, and category information. It will also help customers to stay up-to-date for new transactions.
Plaid’s auth enables to improve throughput on ACH transactions, as well as enables to reduce overdrafts and NSF fees.
The firm provides identity product to collect names, phone numbers, addresses, and emails for each account, and also personalize forms with account holder information when users link their bank accounts.
Plaid provides balance service to reduce overdrafts and NSF fees, and enable account pre-funding. Blance is said to return the amount of funds in an account in real-time.
The customers can Integrate Plaid directly into loan application. It helps in easy identification of account owners for joint accounts.
In addition, the income enables to analyze bank deposits to validate user’s income and employer information accurately, helping to avoid manual paystubs uploads.
