Plaid, a startup seeking to give developers access to financial data has raised $2.8 million. With services like Plaid we could see the emergence of a new breed of Quicken-like products or new connected devices.
Plaid, a San Francisco startup that aims to make an API available for banks to share financial data with developers has launched with $2.8 million from Spark Capital, Google Ventures, NEA, Felicis Ventures and Homebrew Capital.
The company is already supporting access to data from American Express, Wells Fargo, Bank of America and Chase. I asked Zach Perret (pictured above, right), co-founder, about security, which seems like the biggest challenge in building this type of API. He wrote in an email:
“We’re very conscious about data regulations and security – and have built everything in a security-forward manner. We keep all the data anonymized internally, and the entire system was built to be PCI compliant with encrypted traffic both ways.”