Plaid is "not ready" for an initial public offering quite yet, but this round will be the last private fundraise until the company lists on public markets, he said.
"An IPO is absolutely on our path for the coming years. We haven't assigned a specific timeline to it," Perret said. "We still have a lot of internal work to do. We're not ready, which is why we didn't consider it right now."
Rise of secondary rounds
Plaid's new funding allows employees to cash out of restricted stock units that expire at the end of the year. The startup will also use a portion of the proceeds to enable an employee tender offer.