With a recent valuation of $13.4 billion, Plaid has ventured into additional services such as lending, identity verification, credit reporting, anti-fraud, and payments following an unsuccessful acquisition attempt by Visa.

While initially targeting fintech companies, Plaid’s customer base now includes a mix of established fintechs, incumbents, and large companies like Venmo, SoFi, Chime, and more.

Jennifer Taylor, Plaid’s first president, brings a wealth of experience from leading companies such as Salesforce, Facebook, and Adobe, signaling a new chapter for the company.

Plaid’s Evolution and Growth

Plaid’s expansion beyond traditional fintech consumers has seen significant traction in enterprise and financial institution growth, with its offerings now encompassing onboarding, payments, lending, and anti-fraud.

Layer, Plaid’s latest product, aims to streamline user onboarding processes by combining critical steps into a secure and instant experience, highlighting a commitment to user convenience and security akin to shopping on Amazon.

With a growing customer base that includes enterprises like RealPage, H&R Block, and Western Union, Plaid’s suite of integrated products is catering to a wider range of business needs.

As Plaid continues to innovate and expand its product lines, including identity, payments, and credit solutions, it is penetrating new markets and establishing itself as a one-stop-shop for various industries.

Innovative Onboarding with Layer

Layer’s onboarding revamp, spearheaded by Plaid, aims to enhance user experience and increase conversion rates by simplifying the sign-up process for applications and services.

Plaid’s strategic push into enterprise mirrors similar moves by industry peers like Stripe, emphasizing the importance of catering to larger business entities in the fintech space.

With aspirations of going public, Plaid’s focus on enterprise solutions and continuous product innovation sets the stage for potential future success in the financial technology sector.

Stay updated with the latest fintech news by subscribing to TechCrunch Fintech for exclusive insights and updates. For tips and inquiries, feel free to reach out at maryann@techcrunch.com.

We’re committed to secure communications. Contact us for encrypted messaging options and share your thoughts with the TechCrunch team at tips@techcrunch.com.