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How did Plaid do in 2022 and 2023?

Marcelo Ballvé

Head of Research at Sacra

We're looking at this revenue series for Plaid: 

  • As of Q3'2023: $280M Rev. The last figure comes from a leak from an Altimeter investor presentation and seems reliable. It was not publicly disputed by Plaid/Altimeter that we could see. The Altimeter report also said Plaid burn was <$70M, and it had $180M in cash as of Q3'23. Also that following 20% cuts/layoffs, the company was focusing on profitable growth under new CFO Eric Hart. 

    • Anyway, as you can see growth stalled significantly after 2021, when fintech startup activity/many fintech companies were at a peak. Even if we assume our previous $250M estimate for 2021 is too high, and we distribute growth more evenly, we get something like this: 

    • 2020: $170M ARR
    • 2021: $220M (+29%)
    • 2022: $255M (+16%)
    • 2023: $300M (+18%)