LIFETIME OF ACHIEVEMENT IN FINTECH

In truth , it is something of a fintech facilitator , allowing other firms in the industry to connect to their customers ’ bank accounts – covering no fewer than 12,000 financial institutions across North America and Europe .

Plaid is , ultimately , focused on democratising financial services through technology , empowering millions around the world to live a healthier financial life .

At the very top – and heart – of proceedings is CEO Zach Perret , who co-founded the company alongside a colleague back in 2013 .

His relentless drive and innovative ideas have resulted in immense growth and ensured Plaid now finds itself in the upper echelons of the fintech universe .

Sure , there have been difficult periods and experiences to overcome , not least the collapse of a deal that would have seen Plaid sold to Visa for more than US $ 5bn , but Perret has always emerged with key learnings under his belt and a desire to improve .

Shaking up the market Hailing from the relatively small village of Clemmons , North Carolina , a young Zach Perret witnessed first-hand the financial injustice facing millions of people across the US as members of his community struggled to find suitable lending options .

The seed for Plaid was , it seems , well and truly planted as Perret went off to study at Duke University .

After graduating with a Bachelor of Science in Chemistry and Biology , he jumped straight into a professional career by taking on an Associate role with the consulting giant Bain & Company , where he met William Hockey .

The pair both worked extensively with financial institutions and were united in their belief that the sector was desperately lagging from a technological standpoint and still presented a host of barriers to financial inclusion .

“ The sentiment came through that consumers were frustrated with the quality and prevalence of financial products they were able to have access to ,” Perret told the Financial Times in 2023 .

And so , in 2013 , Plaid was officially created to shake up the market and provide everyday consumers with a transparent , high-quality product . Soon after , in the hope of expanding and recruiting a deeper pool of talented engineers , Perret and Hockey moved the operation to San Francisco .

The mission stays the same It wasn ’ t all smooth sailing in the early days for Perret , Hockey and their fledgling venture .

Their big idea – to build an API that would link customers ’ bank accounts with exciting new fintech applications seamlessly – was initially shunned at virtually every turn by banks and investors .

28 April 2024