How did Plaid do in 2022 and 2023?

Marcelo Ballvé

Head of Research at Sacra

We're looking at this revenue series for Plaid:

2020: $170M Rev (previous Sacra estimates)
2021: $250M Rev (same as above)
2022: ?

As of Q3'2023: $280M Rev. The last figure comes from a leak from an Altimeter investor presentation and seems reliable. It was not publicly disputed by Plaid/Altimeter that we could see. The Altimeter report also said Plaid burn was <$70M, and it had $180M in cash as of Q3'23. Also that following 20% cuts/layoffs, the company was focusing on profitable growth under new CFO Eric Hart.

Anyway, as you can see growth stalled significantly after 2021, when fintech startup activity/many fintech companies were at a peak. Even if we assume our previous $250M estimate for 2021 is too high, and we distribute growth more evenly, we get something like this:

2020: $170M ARR
2021: $220M (+29%)
2022: $255M (+16%)
2023: $300M (+18%)