Fintech

The 3 fintech minotaurs with more than $1 billion in equity capital

Three minotaurs
Illustration: Lazaro Gamio/Axios

Have you met the minotaurs? A minotaur — the term was coined by Axios editor-in-chief Nick Johnston — is a venture-backed company that has raised more than $1 billion in equity capital.

Details: We've found 55 of them, of whom 25 are American and 3 are in financial services. The biggest minotaur, by far, is Ant Financial, the Alibaba-backed financial-services giant. It owns Alipay, the enormous mobile payments service; it also owns the world's largest money-market fund.

Plaid raises $250 million, now valued at $2.65 billion

plaid financial technology app

Plaid, a San Francisco-based app programming platform for banks and other financial services providers, raised $250 million in Series C funding at what Axios has learned is a $2.65 billion valuation. Kleiner Perkins Growth led, and was joined by Andreessen Horowitz, Index Ventures and return backers Goldman Sachs, NEA and Spark Capital.

Why it matters: It's around a 10x valuation bump from where Plaid last raised in 2016, representing how Plaid has become integral infrastructure for top digital finance companies like Acorns, Coinbase, Robinhood and Venmo. As Axios' Kia Kokalitcheva notes, "Plaid is to finance apps what Stripe is to e-commerce."

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