Today In Digital-First Banking: Plaid Lands $425 Million In Series D; PSCU Grows Reach In Hawaii
In today’s top news in digital-first banking, Plaid has raised $425 million via a Series D funding round, while PSCU has expanded its reach in Hawaii. Plus, Brink’s has acquired PAI for $213 million.
Plaid, the FinTech infrastructure upstart, landed $425 million through a Series D funding round, which reportedly provided the firm with a $13.4 billion valuation. “In founding Plaid nearly a decade ago, we dreamt of a financial system that was built to empower consumers and unlock financial freedom for everyone. We are humbled to watch as FinTech continues to expand and improve the financial lives of billions of people worldwide,” Plaid Co-founder and CEO Zach Perret wrote in a blog post.
PSCU has grown its reach in Hawaii with three credit union (CU) partnerships. Pearl Hawaii Federal Credit Union joins the credit union service organization (CUSO) as a new owner, while HFS Federal Credit Union (HFS) and Honolulu Federal Credit Union (HOCU) have grown their current partnerships with PSCU. Now, PSCU will provide the three CUs with credit and debit processing services. “PSCU is extremely proud to continue to grow our owner base in Hawaii through these existing and new partnerships,” Scott Wagner, executive vice president and chief revenue officer at PSCU, said in a release.
Brink’s, the security solutions company, has purchased ATM service provider PAI for $213 million. PAI, which is based in Texas, was established in 1983 by Michael P. Kiley in De Pere, Wisconsin. Brinks’ was established over a century ago in Richmond, Virginia by Perry Brink. “PAI brings a strong management team led by David Dove, robust technology and a scalable, asset-light business model that complements our existing capabilities,” Brink’s President and CEO Doug Pertz said in a press release.