When it comes to “Cool Vendors in Consumer Services” for 2016, it turns out that Plaid is one of Gartner Research’s favorite patterns. Gartner named the San Francisco-based financial infrastructure company a “Cool Vendor” for consumers services in its 2016 report.
Writing in the report, Gartner research director Rajesh Kandaswamy noted: “Plaid’s API approach is a start for being able to use … data for new and better services.” For Kandaswamy the fact that bank data typically remains locked with the owning bank combined with contemporary privacy and security worries is a challenge for those looking to maximize this data. Plaid’s “developer-friendly” platform solves this by making bank data “more useful and usable” in the words of Plaid marketing director, Chelsea Allison, “to benefit banks, developers, and consumers themselves.”
Pictured: Plaid CEO and co-founder Zack Perret during his demonstration “Plaid: API for Financial Infrastructure” at FinDEVr 2014 in San Francisco.
“We’re especially proud to be selected for Gartner’s consumer-focused report,” Allison added, “because it underscores the impact of our platform has for consumers across the broader ecosystem.”
Plaid’s technology makes it easier for developers to build apps that connect with financial institutions. The company’s two signature products are Auth, which enables instant bank account authentication for the top 14 banks, and Connect, which provides transactional data on bank or credit card accounts for more than 18,000 banks and credit unions in the U.S and Canada. Developers can integrate the Plaid API via a Plaid’s drop-in module, Plaid Link.
Plaid announced a partnership with Stripe in January and, last December, the company was named to Forbes magazine’s first Fintech 50 (along with 19 of its fellow Finovate/FinDEVr alums). Founded in 2012 by William Hockey and Zack Perret, Plaid includes Box Capital, Felicia Ventures, Google Ventures, Homebrew Capital, NEA, and Spark Capital among its investors.
Plaid demonstrated its technology during its presentation “Plaid: API for Financial Infrastructure” at the inaugural FinDEVr 2014 developers conference in San Francisco. Learn more about our upcoming FinDEVr conference in Silicon Valley in October.