Fintech company Plaid just hit a key Silicon Valley milestone: a multibillion dollar valuation.
The start-up announced a $250 million funding round on Tuesday, led by Kleiner Perkins' partner Mary Meeker, who will also be joining Plaid's board. Andreessen Horowitz and Index Ventures were among the new investors while former backers Goldman Sachs, NEA and Spark Capital also participated.
The cash injection brings Plaid's valuation to $2.65 billion, according to a source familiar with the fundraising, who asked not to be named because negotiations were private. This marks a massive increase from Plaid's previous $44 million Series B round and $225 million valuation, according to data from Pitchbook.
"We've been really fortunate to have incredible growth in the fintech ecosystem and have been a key partner in driving that," Plaid CEO Zach Perret told CNBC in a phone interview.
Plaid's co-founders declined to comment on the valuation.
As of December, the company said 25 percent of people in the United States with bank accounts have connected to Plaid through an app — a 13 percent increase from last year.
"Plaid has built an important underpinning for financial services on the web and mobile," Meeker said. "Plaid allows businesses to rapidly launch innovative products, drive growth and enhance consumer satisfaction. We are excited about the evolution and potential ahead."
Meeker is leaving Kleiner Perkins Caufield & Byers to start a new, unnamed firm. After the move, she will stay on the board of Plaid. She became a household name as a Wall Street analyst during the late 1990s, betting on risky dot-com stocks even as the bubble burst. She has led Kleiner to investments in Facebook, Spotify, Square, Twitter and Snap, and her annual internet trends report is almost required reading for tech investors.
Even though Plaid is well-known among Silicon Valley developers, the average person interacting with it most likely wouldn't recognize the name. Its API software quietly powers such enterprises as the popular peer-to-peer payment app Venmo, the mobile investing app Robinhood and cryptocurrency exchanges Coinbase and Gemini.