Plaid Launches FinRise Accelerator Program with Inaugural Startup Cohort

Plaid, a leading company in the financial technology sector, has revealed the first group of startups selected for its new accelerator initiative, FinRise.

From an initial pool of 100 applicants, five early-stage fintech companies have been chosen to participate in this program. These startups are addressing critical challenges within the financial services landscape, including streamlining payment processes and expanding access to credit. The accelerator, unveiled two months prior, is specifically designed to support founders from underrepresented groups in the technology industry.

Recent reports from The Information indicate that Plaid is on the verge of securing new funding, potentially valuing the company between $10 billion and $15 billion. Beyond its substantial valuation, Plaid possesses a valuable asset for assisting emerging startups: experience navigating complex regulatory environments. The company previously withdrew from a planned $5.3 billion acquisition by Visa. Insights gained from this experience, along with guidance on navigating fintech policy, will be integral to the FinRise curriculum.

Although the program does not provide direct funding, FinRise has established a network of “capital access partners.” This network comprises investors who have committed to engaging with the participating companies and considering potential investments. These partners include Accion, Acrew, Amex Ventures, Flourish, Harlem Capital, Kapor, Matrix, Village Capital, Visible Hands and First Round.

Introducing the FinRise Startup Cohort

• Global Data Consortium is developing a standardized system for global digital identity verification for businesses. Founded by Bill Spruill and Charles Gaddy, the company is constructing a data network comprised of over 200 sources to establish best practices in digital identity verification. Spruill stated to TechCrunch, “As we continue to scale our platform it’s important to make sure our technical infrastructure continues to be enterprise-ready. Plaid’s engineering expertise and knowledge will prove useful to our team to help us plan and execute around our next level of service support architecture.”
• Guidefi operates as a marketplace connecting communities of color with financial advisors who understand their cultural nuances. Led by Charlene Fadirepo, the financial wellness startup offers advisor matching services at no cost, charging fees only when services are initiated.
• OfColor aims to become the leading wellness platform tailored for employees of color. Founder Yemi Rose explained to TechCrunch that “a lot of companies we encounter generally pride themselves on being colorblind in their HR benefit practices, in spite of outcomes that show a different approach is needed…our biggest hurdle is education.” The startup provides features such as personalized financial management and loan options to help employees maximize their 401(k) contributions.
• Walnut is a point-of-sale lending platform focused on increasing the affordability of healthcare for patients. Roshan Patel, founder and CEO, notes that its primary competitor is PrimaHealth Credit, which concentrates on elective procedures. “Walnut is care-agnostic: no matter where you are in the healthcare system, you can use Walnut to break up your bill into an installment plan that works for you. That can be at the dentist or cosmetic surgery practice, but it can also be in the emergency room or at your primary care physician,” he explained.
• Zeta is working to create a more streamlined joint-banking experience for couples. Previously highlighted by TechCrunch in February, Zeta has already secured $1.5 million in venture capital to build a platform that simplifies shared account management and expense splitting. CEO and co-founder Aditi Shekar commented, “In some ways, we see ourselves as part of a replacement for Venmo.” “We saw couples Venmoing back and forth to each other sometimes six times a day…we want to take over your money chores.” Shekar envisions Zeta evolving into the primary operational account for modern households.

The FinRise program represents Plaid’s commitment to fostering innovation and inclusivity within the fintech ecosystem.