Insights

Friday Dealbook: Plaid's Blockbuster Round Checks Out

4/09/21

By: Liminal Team

The biggest deals that took place this past week highlight a growing trend of tech players increasing their valuations rapidly by raising large rounds of money to consolidate market share further and strengthen their ability to tackle digital identity solution segments. Most notably, Plaid raised $425 million of Series D venture funding to help develop its digital ecosystem, increasing its valuation to over $13 billion - nearly tripling from earlier this year. 

 

OneTrust raised $210 million of late-stage venture funding to make two acquisitions that will expand services in their privacy management platform, doubling their valuation from the start of 2020. In addition, TrueLayer raised $70 million of Series D – from its additional raise in September 2020 – to continue scaling its open banking network.

 

In the public market, Darktrace announced that it would go public in the London stock exchange with a valuation of roughly £3 billion. This move reflects the increase in companies using cyber threat defense platforms to offer users privacy and protect users from data breaches by improving algorithms to reduce the number of unidentified threats.

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Top Deals
Plaid
plaid.com
2012

Developer of data network programming platform designed to assist to connect popular fintech applications with traditional bank accounts. The company's platform accesses transactions and personal data like names, phone numbers, addresses, and emails for each account from thousands of financial institutions, authenticating them and verifying information in real-time, enabling consumers and businesses to interact with their bank accounts, check balances and make payments through financial technology applications.

 

The company raised $425 million of Series D venture funding in a deal led by Altimeter Capital Management on April 7, 2021, putting the company's pre-money valuation at an estimated $12.98 billion. Silver Lake Management, Ribbit Capital, and 6 other investors also participated in the round. The funds will be used to grow the company's platform, investing in infrastructure, payments capabilities, and global expansion.

OneTrust
onetrust.com
2016

Developer of a technology platform designed for tackling privacy management. The company's comprehensive, integrated, technology-based services include readiness and privacy impact assessments, data inventory and mapping automation, website scanning and consent management, subject rights requests, incident reporting and vendor risk management, helping businesses globally to comply with data privacy regulations across sectors and jurisdictions, including the EU GDPR and privacy shield.

 

The company raised $210 million of venture funding from undisclosed investors on April 6, 2021. Previously, the company raised $300 million of Series C venture funding in a deal led by TCV on December 21, 2020, putting the company's pre-money valuation at $4.8 billion. Insight Partners, Coatue Management and other undisclosed investors also participated in the round. Prior to that, the company raised $210 million of Series B venture funding in a deal led by Insight Partners and Coatue Management on February 20, 2020, putting the company's pre-money valuation at $2.49 billion. Other undisclosed investors also participated in this round.

TrueLayer
truelayer.com
2016

Developer of an API platform designed for individuals to share or aggregate their financial information from different providers. The company's platform helps companies to securely and efficiently access their customers' bank accounts to share financial data, make payments and validate their identity, enabling companies to initiate payments directly from user's bank account and offer frictionless payments without interrupting the user experience.

 

The company raised $70 million of Series D venture funding in a deal led by Addition on April 8, 2021. 10 other investors also participated in the round. The funds will be used to fuel global expansion and accelerate the development of premium open banking-based services. Previously, the company raised $60 million of Series C venture funding in a deal led by Tencent Holdings and Temasek Holdings on September 21, 2020. 7 other investors also participated in the round. The funds will be used to grow the company's business.

Investor Highlights
Temasek Holdings
temasek.com
1974

Founded in 1974, Temasek Holdings is an investment firm based in Singapore, Singapore. The firm seeks to invest in the life sciences, telecommunications, media, banking, real estate, financial services, property, education, energy & resources, infrastructure, engineering, technology, healthcare, and industrial sectors.

 

Active Portfolio - 316

Investments (TTM) - 93

Med. Round Amount - $111M

Med. Valuation - $702M

# of Exits - 260

 

TrueLayer

Synk

Alan

Bluevoyant

Public Highlights
Darktrace
darktrace.com
2013

Developer of a cyber threat defense platform designed to detect and respond to previously unidentified threats. The company's platform detects cyber-threats including insider threat, industrial espionage, data loss, supply chain risk and long-term infrastructure vulnerabilities, enabling businesses to protect against threats to the cloud, email, IoT, networks and industrial systems.

The company filed to go public on the London Stock Exchange under an undisclosed ticker symbol on April 4, 2021. The listing could value the company at £3 billion and include the sale of around £250 million of new and existing shares. Previously, Talis Capital and Hoxton Ventures sold their stake in the company to an undisclosed buyer for $20.6 million on October 8, 2020.

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