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Zach Perret, co-founder of Plaid.
- Fintech startup Plaid told investors in October that it was on pace to generate around $70 million over the next 12 months, two people with knowledge of the company's financials tell Business Insider.
- Now, the company is seeking a valuation of as much as $3 billion in a current funding round. That makes its current valuation some 43 times its so-called "annual run rate."
Plaid is quickly making a name for itself as one of the hottest fintech startups around.
The company, which provides online verification services for financial institutions like banks and stock trading firms, is trying to raise several hundred million dollars at a valuation of $2 billion to $3 billion.
As of October, Plaid told investors it was on track to generate around $70 million over the next 12 months, two people who were briefed on the financials tell Business Insider.
That's up from the $50 million in revenue the company told investors just one month earlier it was on track to generate, two other people who reviewed Plaid's financials at the time said.
With $70 million in revenue over the next 12 months, Plaid is seeking to value itself at around 43 times what's known as its "annual run rate."
It also means Plaid has tripled its private valuation in less than six months, as Forbes reported in April that the company was valued at $1 billion.
For comparison, fintech startup Yodlee, which is considered one of Plaid's top competitors, was acquired by Envestnet in 2015 for just under $600 million. At the time, Yodlee was generating about $100 million in revenue, making its selling price around six times its revenue.
External Plaid spokeswoman Freya Petersen called the revenue numbers "inaccurate" but declined to comment further.
Financial technology companies are raising money at a record pace. Global investment in fintech companies including private equity, venture capital and M&A hit $57.9 billion in the first six months of the year, according to KPMG, already surpassing the full year of 2017.
Dakin Campbell contributed reporting
