Dive Brief:
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Fintech company Plaid announced the appointment of Expedia Group veteran Eric Hart as its first CFO amid reports that it could be on the path to going public.
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Hart spent more than a decade at Expedia, most recently as its finance chief for nearly three years, according to his LinkedIn profile. His new role at Plaid became effective last week, Freya Petersen, a spokesperson for the company, told CFO Dive.
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“Eric is an incredible leader, and his many years of experience building Expedia into one of the largest platforms in the world are inspiring,” Zachary Perret, Plaid’s CEO and co-founder, said in a Wednesday post on X, formerly Twitter.
Dive Insight:
The 10-year-old fintech has reportedly weighed a possible initial public offering, which comes after a failed agreement to be acquired by Visa. The $5.3 billion acquisition deal was first announced in January 2020 and fell apart a year later after it was challenged by the Department of Justice over antitrust concerns.
Petersen said the company has no immediate plans to confirm a potential IPO, although it’s “a milestone we will likely look at in the future.”
Headquartered in San Francisco, California, Plaid offers technology designed to allow consumers to seamlessly and securely connect their bank accounts with other fintech apps and services.
DOJ argued in its antitrust lawsuit that Visa was a monopolist seeking to acquire Plaid as part of an illegal strategy to neutralize a potential competition threat posed by a nascent rival. The companies ultimately abandoned the transaction.
Within a few months of the deal falling apart, Plaid announced a $425 million Series D funding round that reportedly valued the company at $13.4 billion.
“We’re excited to have Eric on board as we enter our second decade and continue to grow the business and our products,” the Plaid statement said.
Hart left Expedia in October 2022 after a 13-year stint, according to his LinkedIn page. Prior to being named its CFO in December 2019, he served in various other roles at the company, including as chief strategy officer.
