Fresh off a $2.65B valuation, Plaid co-founder William Hockey is leaving

TechCrunch | 6/18/2019 | Staff
hoppers911 (Posted by) Level 4
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William Hockey, co-founder, chief technology officer and president of the fast-growing fintech business Plaid, will step down next week, TechCrunch has learned.

The former Bain Capital associate (pictured above left) co-founded the startup in 2012 alongside chief executive officer Zach Perret. Today, the San Francisco-based company employs 300 with additional offices in Salt Lake City and New York.

Plaid - News - Hockey - Company - Board

Plaid has confirmed the news, stating that Hockey will remain on the company’s board of directors.

“This conclusion was neither a rash nor a recent decision,” Hockey writes in a blog post shared with TechCrunch. “Over the past couple of years, I have known that there would come a point at which I would choose to move to a purely strategic and advisorial role.”

Plaid - Infrastructure - Consumers - Bank - Account

Plaid builds infrastructure that allows consumers to interact with their bank account on the web, powering a number of third-party applications, like Venmo, Robinhood, Coinbase, Acorns and LendingClub. It rose to prominence recently, closing a $250 million Series C investment at a $2.65 billion valuation late last year. The deal was led by famed venture capitalist and author of the Internet Trends report Mary Meeker, who’s joined the startup’s board of directors.

In total, Plaid has secured $310 million in venture capital funding from Andreessen Horowitz, Index Ventures, Norwest Venture Partners, Coatue Management, Goldman Sachs, NEA, Spark Capital and others.

Plaid - Banks - US - Canada - %

Plaid has integrated with 10,000 banks in the U.S. and Canada and says 25% of people living in those countries with bank accounts have linked with Plaid through at least one of the hundreds of apps that leverage Plaid’s application program interfaces (APIs) — an increase from 13% last year. Last month, the company launched...
(Excerpt) Read more at: TechCrunch
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