In a significant move, fintech startup Plaid has appointed Jennifer (Jen) Taylor as its first president. This development comes just months after the company hired former Expedia CFO Eric Hart as its chief financial officer.
A Notable Hire for Plaid
The hiring of a CFO is typically a step taken by companies that are planning to go public. However, in this case, it appears that Plaid’s decision to hire a CFO was not solely driven by the need to prepare for an initial public offering (IPO). The company has been gradually expanding its offerings and diversifying its revenue streams.
A Track Record of Success
Taylor brings with her a wealth of experience from her previous roles at Cloudflare, Salesforce, Facebook (now Meta), Adobe, and as a venture capitalist. Her tenure at Cloudflare spans nearly seven years, during which the company went public. This suggests that Plaid may be inching closer to an IPO.
A Message from Taylor
In a LinkedIn post announcing her new role, Taylor wrote: "Super excited to share that I’ve joined Plaid as President, where I’ll be overseeing teams across tech + product building the network that will power the future of finance."
Expansion Plans at Plaid
Plaid got its start by connecting consumer bank accounts to financial applications. However, the company has since expanded its offerings to include lending, anti-fraud, and payments. With over 8,500 customers and more than 1,000 employees, Plaid is poised for further growth.
A Strong Support System
The company’s backers include a16z, Index Ventures, Altimeter, Silver Lake, NEA, Kleiner Perkins, JP Morgan, Citi Ventures, Amex Ventures, Goldman Sachs, and Spark Capital, among others. This strong support system will undoubtedly help Plaid achieve its expansion plans.
A Statement from CEO Zach Perret
In a blog post, Plaid co-founder and CEO Zach Perret wrote that Taylor’s experience scaling products to meet increasing customer demand "will be invaluable" as the company continues to expand its platform "to support ongoing innovation in financial services."
Update on IPO Plans
When asked about the possibility of an IPO, a Plaid spokesperson told TechCrunch: "I can confirm that an eventual IPO is a milestone we’re tracking towards, but we don’t have any details or a timeline to share beyond that. Jen will be a critical component of maturing our tech and product strategy as we continue to grow and evolve."
A Look Ahead
With Taylor at the helm, Plaid is poised for further growth and innovation in the fintech space. The company’s expansion plans are likely to be driven by its ability to scale products to meet increasing customer demand, thanks to Taylor’s experience.
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