Dive Brief:
- Fintech Plaid appointed Stripe alum Seun Sodipo as its new finance chief, during what Sodipo referred to as a “defining moment” for the data transfer network in a post Friday on her LinkedIn profile announcing the appointment.
- Co-founded in 2013 by CEO Zach Perett and Board Director William Hockey, the San Francisco-based fintech has “evolved into one of the most expansive and trusted financial data networks in the world,” Sodipo said on LinkedIn.
- Plaid “sits at the center of a financial system that is rapidly evolving as a result of data, AI, and modernization,” Sodipo said in a statement emailed to CFO Dive. “Today, more than half of Americans with a bank account have used Plaid to connect to an app or service. Over the past few years, we have expanded beyond bank connectivity into new areas like credit, anti-fraud, and payments, and revenue from these products has more than doubled this year.”
Dive Insight:
As CFO, Sodipo’s “priority is driving sustainable, long-term growth,” she said in the emailed statement. “That means investing in areas of strong customer demand, strengthening our data and analytics capabilities, and maintaining disciplined execution to balance innovation with profitability.”
Sodipo is joining the fintech from global beauty brand Glossier, where she served as CFO for four years beginning in October 2021 and helped to drive an 80% jump in retail sales, according to her LinkedIn profile. Her past experience also includes serving in several roles at payment platform Stripe, including as head of product finance and strategy, and as vice president for private equity investor, Insignia Capital Group.
She succeeds Expedia alum Eric Hart in the role, becoming Plaid’s second-ever finance chief. Plaid appointed Hart as its first CFO in October 2023, coming amid rumors of a potential public offering, CFO Dive reported at the time. Hart departed Plaid in May of this year, returning to Expedia to serve as its chief strategy, business and corporate development officer, according to his LinkedIn profile.
The company has no plans for an IPO this year, though it remains a milestone Plaid is continuing to “track towards,” a spokesperson told TechCrunch in April after announcing the close of its latest funding round. The $575 million round, which valued the company at $6.1 billion, was led by Franklin Templeton, and proceeds will be used “to address employee tax withholding obligations related to the conversion of expiring RSUs to shares, and to offer some liquidity to our current team,” CEO Perrett said in a blog post at the time.
Sodipo’s appointment comes as the fintech looks to continue to execute on its strategy to expand its product suite, adopted by Plaid after a planned acquisition by card network Visa fell through in 2021 when the Department of Justice raised antitrust concerns.
On Oct. 15, Plaid issued its fall product release, which included tools such as LendScore: a new credit score solution which aims to provide banks and financial institutions with data regarding consumer credit scores. LendScore will look at real-time cash flow data, income patterns and account activity across the fintech’s network to better understand “how a borrower is managing their finances, and spot risk behaviors that could impact their ability to repay,” according to the release.
The Plaid Network includes real-time activity from over 150 million consumers and more than 7,000 apps, the company said, noting its first LendScore model “predicts 12-month default risk and delivers a 25% lift in predictive performance compared to traditional credit data alone.”
