Plaid Taps Expedia Group Executive to Serve as CFO

Plaid has appointed Eric Hart, a veteran from Expedia Group, as its first Chief Financial Officer. This announcement coincides with reports suggesting that Plaid may be considering the path to going public.

Eric Hart had a distinguished career at Expedia, spanning more than a decade, and most recently held the position of finance chief for nearly three years, as indicated on his LinkedIn profile. His tenure at Plaid officially commenced last week, as confirmed by Freya Petersen, a spokesperson for the company.

In a statement, the company expressed excitement about Eric Hart joining them as they enter their second decade and continue to grow their business and product offerings. Eric Hart departed from Expedia in October 2022 after a 13-year tenure, during which he held various roles, including Chief Strategy Officer, before becoming CFO in December 2019.

Zachary Perret, Plaid’s CEO and co-founder, lauded Hart’s leadership, emphasizing his significant experience in helping Expedia become one of the world’s largest platforms. This announcement was made in a post on X, formerly known as Twitter.

Plaid, a fintech company with a decade of experience, has reportedly been exploring the possibility of an initial public offering (IPO). This development follows the collapse of a $5.3 billion acquisition deal with Visa, which was initially announced in January 2020 but fell apart a year later due to challenges from the Department of Justice, which raised antitrust concerns.

Headquartered in San Francisco, California, Plaid offers technology that enables consumers to securely connect their bank accounts with various fintech apps and services.

In the antitrust lawsuit filed by the Department of Justice, it was argued that Visa, as a monopolist, sought to acquire Plaid as part of an illegal strategy to eliminate a potential competitive threat from a budding rival. Ultimately, the acquisition was abandoned.

Shortly after the failed acquisition, Plaid announced a Series D funding round, raising $425 million, which reportedly valued the company at $13.4 billion.

Plaid is currently in the process of expanding its services into payments, lending, and anti-fraud solutions, with an estimated total transaction value of $10 billion this year.

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