Fintech tech startup Plaid selects Triangle for next hub office, new hiring this year
London. San Francisco. New York. Amsterdam. And soon, the Triangle.
On Thursday, the financial tech startup Plaid announced it will open a corporate office in the vicinity of Durham and Raleigh, adding a fifth hub to its existing footprint in four major cities.
Founded in 2013, Plaid enables people to link their bank accounts with applications like Venmo and CashApp. Its clients include Paypal (which owns Venmo), Zillow and H&R Block.
In 2021, the San Francisco-based company raised capital at a $13.4 billion valuation, making it at the time one of the world’s most valuable startups.
“Think of us as the plumbing that connects banks to the app and the app to the banks,” CEO and co-founder Zach Perret said in a phone interview this week.
A Duke University graduate who grew up in Forsyth County, Perret said his company was searching for an alternative U.S. hub outside New York and the Bay Area. The Triangle emerged as a top candidate due to its universities and lower cost of living.
“I think in some sense, sometimes North Carolina and the RDU area gets overlooked when thinking about amazing technology companies,” Perret, 37, said. “But there are truly amazing technology companies that have been built there.”
Plaid plans to employ around 60 to 70 workers at its Triangle hub by the end of this year. Most are expected to be new hires. The company hasn’t finalized a location but is considering spaces in Raleigh, Durham, and neighboring communities.
Once launched, the local office will focus on what Perret described as “go-to-market” roles like sales, marketing and account management. Employees will be expected in the office at least part of the week.
Besides account linking, Plaid software seeks to verify identities, detect fraud and facilitate lending.
In 2020, Visa agreed to acquire the startup for $5.3 billion. However, this deal collapsed amid federal regulatory scrutiny, and the following year, Plaid’s valuation more than doubled.
Like other financial tech startups that attracted lots of funding during the pandemic, Plaid subsequently scaled back, laying off around 20% of its staff in 2022. Today, its global headcount is roughly 1,100 workers.
Entering the new year, Perret said his company is ready to hire. And he’s picked his home state to do so.
This story was originally published January 9, 2025 at 7:00 AM.
