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Investing.com -- Fintech firm Plaid Inc. is partnering with Goldman Sachs Group Inc (NYSE:GS). to organize a sale of existing shares, according to Bloomberg News citing sources familiar with the situation. The San Francisco-based company, which is known for its role in bridging the gap between startups and traditional banks, is expected to raise between $300 million and $400 million from the sale.
This type of deal, known as a tender offer, provides an opportunity for early investors and employees of privately held companies to sell their stakes. This information was shared by individuals who wished to remain anonymous due to the private nature of the information.
In 2021, Plaid secured a series D funding round that valued the company at $13.4 billion. The valuation for the current round has not yet been determined, but it is anticipated to be lower than the previous figure. This comes as fintech valuations saw a general decline in 2022.
The company’s CEO has expressed hopes that Plaid will be ready for an initial public offering (IPO) within the next couple of years. This share sale could be a significant step toward achieving this goal.
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