Fintech company Plaid, known for its service connecting bank accounts with financial applications, has secured a substantial $575 million through a standard stock sale. This transaction resulted in a post-money valuation of $6.1 billion, marking a significant decline from its previous valuation of $13.4 billion during its Series D round last year. The drop is attributed to the broader market contraction, with interest rates impacting startup valuations since their peak in 2021. %, Plaid’s CEO, Zach Perret, confirmed that these funds will primarily be used to fulfill employee tax withholding obligations for expiring restricted stock units (RSUs) and provide liquidity through an employee tender offer. Notably, the offering was oversubscribed. Importantly, this transaction involved issuing new shares instead of a secondary share sale.