Plaid is quickly making a name for itself as one of the hottest fintech startups around.
The company, which provides online verification services for financial institutions like banks and stock-trading firms, is trying to raise several hundred million dollars at a valuation of $2 billion to $3 billion.
As of October, Plaid told investors it was on track to generate about $70 million over the next 12 months, two people who were briefed on the financials tell Business Insider.
That’s up from the $50 million in revenue the company told investors just one month earlier it was on track to generate, two other people who reviewed Plaid’s financials at the time said.
With $70 million in projected revenue over the next 12 months, Plaid is seeking to value itself at about 43 times what is known as its annual run rate.
It also means Plaid has tripled its private valuation in less than six months, as Forbes reported in April that the company was valued at $1 billion.
For comparison, the fintech startup Yodlee, which is considered one of Plaid’s top competitors, was acquired by Envestnet in 2015 for just under $600 million. At the time, Yodlee was generating about $100 million in revenue, making its selling price about six times its revenue.
The external Plaid spokeswoman Freya Petersen called the revenue numbers “inaccurate” but declined to comment further.
Fintech, or financial technology, companies are raising money at a record pace. Global investment in fintech companies including private equity, venture capital, and mergers and acquisitions hit $57.9 billion in the first six months of the year, according to KPMG, already surpassing the full year of 2017.
Dakin Campbell contributed reporting.