02:59 PM EDT, 04/03/2025 (MT Newswires) -- Plaid has raised $575 million in a new funding round that values the fintech company at $6.1 billion, multiple media outlets reported Thursday, citing sources familiar with the matter.

Franklin Resources' ( BEN ) Franklin Templeton unit reportedly led the funding round, which included Fidelity Management & Research, BlackRock ( BLK ) , and previous investors Ribbit Capital and NEA. Investment firm 1789 Capital contributed $50 million to the funding, Bloomberg reported, citing a source.

The fintech company plans to use the funds to pay tax obligations linked to employee stock units and provide liquidity to staff, according to the reports.

CEO Zach Perret said the $6.1 billion valuation, down from a $13.4 billion valuation in 2021, reflects current market conditions, the reports said.

Plaid is aiming for an initial public offering but is not yet ready and did not give a specific timeline, CNBC reported, citing CEO Zach Perret.

Plaid, Franklin Templeton, Fidelity, BlackRock ( BLK ), Ribbit Capital, NEA, and 1789 Capital did not respond to requests for a comment from MT Newswires.

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