Plaid (Plaid Inc.) — research brief (BMC #052)

Prepared 2026-10-08. Labels: FACT = stated by Plaid itself (annual shareholder letters, blog/newsroom posts, pricing page, billing docs, About page) or by a primary counterparty/regulator document (JPMorganChase release and newsroom post, Federal Register); SECONDARY = news reports or law-firm summaries; INFERENCE = reasoning or computation by this project. Plaid is private and publishes no audited financials: there is no revenue split, no profit figure in dollars and no official price list. Nothing below is estimated or invented; where Plaid has not disclosed a number, the canvas says so. Third-party revenue estimates (e.g. Sacra) are noted for context only and are not used on the canvas.

Sources (all accessed 2026-10-08)

Plaid 2025 annual shareholder letter (PDF, published early 2026): https://assets.ctfassets.net/ss5kfr270og3/6mzrhYUB1oZkOeIcZUOx39/576915e13be33f29a4ef751c322a1007/2025_Plaid_Shareholder_Letter_final.pdf (landing page https://plaid.com/2025-shareholder-letter/)
Plaid 2024 annual shareholder letter (PDF, Apr 2025): https://assets.ctfassets.net/ss5kfr270og3/hSHtYkgSPc3T2H6WlPocG/4a23b036c2b6dd0ac7f8da817c967621/web-version.pdf
Plaid blog, "Plaid's latest fundraise" (Apr 3, 2025): https://plaid.com/blog/our-latest-fundraise/
Plaid pricing page (US & Canada): https://plaid.com/pricing/
Plaid docs, "Plaid pricing and billing": https://plaid.com/docs/account/billing/
Plaid About page: https://plaid.com/company/
Plaid Fall 2026 release (Oct 6, 2026): https://plaid.com/whats-new/fall-2026/
Plaid blog, Instant Link & LendScore 2 (Oct 6, 2026): https://plaid.com/blog/instant-link-next-generation-lendscore/
Plaid blog, Fraud Foundation Model for Protect (Oct 6, 2026): https://plaid.com/blog/introducing-fraud-foundation-model-for-protect/
Plaid blog, Introducing Consumer Report / Plaid Check CRA (Jun 4, 2024): https://plaid.com/blog/introducing-plaid-check-cra-consumer-report/
Plaid blog, new CRA entity announced (Nov 6, 2023): https://plaid.com/blog/plaid-cra/
Plaid blog, Layer + Consumer Report with MoneyLion (2024): https://plaid.com/blog/layer-consumer-report-instant-onboarding/
Plaid blog, Progress in open finance (Sep 10, 2024): https://plaid.com/blog/updates-plaid-financial-institutions/
Plaid blog, Consumer Choice, Consumer Protection, and the Future of Finance (Jelena McWilliams, Jul 1, 2026): https://plaid.com/blog/open-banking-consumer-protection/
JPMorganChase + Plaid joint release, renewed data access agreement (Sep 16, 2025): https://media.chase.com/news/jpmorganchase-plaid-extend-data-access-agreement
JPMorganChase newsroom, Melissa Feldsher, "Open banking should be built on trust" (Aug 11, 2026): https://www.jpmorganchase.com/newsroom/from-the-desk-of/open-banking-should-be-built-on-trust
Federal Register, CFPB ANPR "Personal Financial Data Rights Reconsideration" (Aug 22, 2025): https://www.federalregister.gov/documents/2025/08/22/2025-16139/personal-financial-data-rights-reconsideration
SECONDARY: TechCrunch, $575M at $6.1B (Apr 3, 2025): https://techcrunch.com/2025/04/03/fintech-plaid-raises-575m-at-6-1b-valuation-says-it-will-not-go-public-in-2025/
SECONDARY: TechCrunch, valued at $8B in employee share sale (Feb 26, 2026): https://techcrunch.com/2026/02/26/plaid-valued-at-8b-in-employee-share-sale/
SECONDARY: American Banker, JPMorganChase deal to charge Plaid (Sep 2025): https://www.americanbanker.com/news/jpmorganchase-reaches-deal-to-charge-plaid-for-customer-data
SECONDARY: CNBC, JPMorgan signs paid deals with aggregators (Nov 14, 2025): https://www.cnbc.com/2025/11/14/jpmorgan-chase-fintech-fees.html
SECONDARY: Cozen O'Connor, 1033 compliance date enjoined (Apr 9, 2026): https://www.cozen.com/news-resources/publications/2026/section-1033-compliance-date-open-banking-rule-enjoined-and-under-reconsideration
SECONDARY: Consumer Finance Monitor (Ballard Spahr), new 1033 proposal sent to OIRA (Aug 6, 2026): https://www.consumerfinancemonitor.com/2026/08/06/cfpb-sends-new-section-1033-open-banking-proposal-to-oira-for-review/

Teaching arc

Free for consumers, paid by the ~9,000 apps that build on it → apps pay per connected account (one-time: Auth, Identity, Income, Layer), per account per month (subscriptions: Transactions, Liabilities, Investments) and per API call (Balance, Signal, Identity Match) → nearly 1M connections a day across 12,000+ institutions; more than 1 in 2 people with a US bank account have used Plaid → that network's data becomes new paid products (Credit via the Plaid Check consumer reporting agency and LendScore; Anti-Fraud via Protect; Payments via Transfer/Signal), 21% of revenue and growing 92% a year → Q4 2025 ARR "well over $500M", up ~40%, profitable for FY2025 → 2025–26: banks start charging aggregators for data (JPMorgan: ~¼ cent per pull on average; Plaid says customer pricing unchanged), the CFPB 1033 rule that banned such fees is stayed and being rewritten, and AI apps (400+, 20% of 2025 new customers) become a new demand wave.

Scale and financial disclosures (FACT unless noted)

Q4 2025 ARR "well over $500 million", up ~40% YoY; profitable for full-year 2025 (2025 letter). No revenue, profit or margin dollar figures disclosed.
New products = 21% of revenue in 2025, growing at a collective 92% a year (2025 letter). In 2024: >20% of ARR, compounding at 93% (2024 letter).
2024: "record-setting year on revenue, a return to positive operating margins" (Apr 2025 fundraise post). 2024 year-end figure itself "[Redacted for confidentiality]" in the published 2024 letter.
2026 outlook: focus on distributing Credit and Anti-Fraud; "expect to maintain operating margins again this year"; "substantial business growth, but only moderate headcount growth" (2025 letter).
Business model in Plaid's words: "We have a usage-based billing model. We earn revenue when our customers sign up new users, when those users take action within our customers' apps, and via ongoing per-user-per-month fees. Most of our revenue is generated per-action and per-user-per-month." Revenue is cyclical with fintech activity and interest rates (2024 letter).
Network: "nearly 9,000 applications" as customers; "nearly one million connections are made through Plaid" every day (2025 letter). About page: 9,000+ fintechs built on Plaid, 12,000+ financial institutions supported, 900+ team members, 6 offices.
More than 1 in 2 people with a US bank account have used Plaid (2025 letter landing page; Oct 2026 blog says 1 in 2 US adults with a bank account).
Markets: US, Canada, UK and Europe (2025 letter page).
AI: 400+ AI companies building on Plaid = 20% of new customers in 2025; 80% increase in builder/startup signups in Jan 2026 (2025 letter). Consumers can share data with hundreds of AI-native apps incl. OpenAI and Perplexity, which agreed to the same data protection standards (Jul 1, 2026 blog).
SECONDARY context (not on canvas): Sacra estimates ~$546M ARR for 2025; not used.

Funding / ownership

FACT (Plaid blog, Apr 3, 2025): raised ~$575M led by Franklin Templeton with Fidelity, NEA, Ribbit Capital and others; proceeds for employee RSU tax withholding and limited employee liquidity.
SECONDARY (TechCrunch, confirmed by spokesperson): $6.1B post-money; sale of common stock, "not a Series E"; no IPO in 2025.
SECONDARY (TechCrunch, Feb 26, 2026, company confirmed): employees allowed to sell shares at an $8B valuation, +31% vs Apr 2025, still ~40% below the 2021 peak of $13.4B.
Investors named by Crunchbase/CB Insights (SECONDARY) include Citi Ventures, Goldman Sachs, JPMorgan, a16z, NEA, Silver Lake, Ribbit, Spark, AmEx Ventures, BlackRock, Fidelity, Visa, Mastercard.

Products (FACT, pricing page + docs)

Connectivity / data: Auth (account + routing numbers to fund accounts), Balance, Identity / Identity Match (verify ownership), Transactions (24 months of data), Investments, Liabilities, Assets, Income, Statements, Enrich.
Onboarding / identity: Link, Layer (instant onboarding; early customers saw conversion up 17.5% on average — 2024 blog), Identity Verification, Monitor (AML/PEP screening).
Payments: Transfer (ACH/RTP/FedNow etc.), Signal (predict NSF/returns), Guaranteed Payments, Payment Initiation (UK/EU).
Fraud: Protect (Trust Index; Fall 2026 Fraud Foundation Model, up to 40% relative improvement in internal tests); 2025 letter: Anti-Fraud suite "can improve fraud detection up to 50% with minimal conversion impact".
Credit: Plaid Check, a consumer reporting agency formed Nov 2023; Consumer Report launched Jun 4, 2024 (up to 24 months of permissioned cash-flow data, income insights, PrismData scores; customers incl. H&R Block/Pathward). LendScore (2025): 25% lift in predictive performance vs traditional credit data. Oct 6, 2026: Instant Link (consumers permission cash-flow data via the CRA; lenders get insights in under 2 seconds without reconnecting), LendScore 2 (Ls2 42% greater predictive power; Auto, Home Lending, Short Term models; LendScore Arc transformer model, 20% approval lift for subprime borrowers in early testing); Fairplay fair-lending partnership; FCRA rights apply.
For banks: free Open Finance Solution incl. Core Exchange (FDX-aligned API spec), Permissions Manager, App Directory (Sep 2024 blog; site footer).

Pricing structure (FACT; no public price list)

Consumers: free.
Plans: Trial (free, 10 Production Items; new US/CA teams from Apr 15, 2026) → Pay as You Go (no commitment, standard pricing; card on file) → Growth (12-month commitment, discounted rates, support package, SSO; suited to usage up to ~$6,000/month) → Custom/Scale (higher minimums, volume discounts, beta products, premium support; suited to >$2,000/month). EU/UK customers: Custom only. Limited Production: up to 200 free live API calls per product.
Layer, Signal, Transfer, Consumer Report and Protect: not on Pay as You Go; Growth "contact for pricing" or Custom.
Fee types: one-time per connected account (Auth, Identity, Income, Layer per converted session); monthly subscription per connected account (Transactions, Recurring Transactions, Liabilities, Investments — billed while the access token exists, not pro-rated); per-request flat fee (Balance, Signal Transaction Scores, Identity Match, Investments Move, refresh endpoints); per-request flexible (Assets, Enrich, Statements Refresh); Transfer = Auth fee + Signal/Balance fee + per-transfer fee (+ operational fees); Plaid Check bundles "Plaid Income" and "Plaid Underwriting" charged per consumer report (24-hour window); Monitor base + rescanning fee; Identity Verification per check (anti-fraud engine, data source, document, selfie).
Prices themselves are shown only inside the Dashboard during the Production application, so the canvas uses fee types, not dollar amounts.

Bank data access fees and Section 1033 (2025–26)

FACT (joint release, Sep 16, 2025): JPMorganChase and Plaid renewed their data access agreement, "which includes a pricing structure"; it "would not impact Plaid's current customer agreements and pricing." Relationship dates to 2018.
SECONDARY (American Banker): fees reported as fractions of a cent per pull; Plaid spokesperson said it won't pass fees on to its 7,000 fintech and bank clients. (Note: 7,000 is the spokesperson's 2025 figure; Plaid's own 2026 letter says nearly 9,000 applications.)
SECONDARY (CNBC, Nov 2025): JPMorgan signed paid contracts with aggregators covering >95% of data pulls (Plaid, Yodlee, Morningstar, Akoya), at lower pricing than first proposed.
FACT (JPMorganChase newsroom, Aug 11, 2026): JPM has agreements with 100% of aggregators using its secure channels; aggregators pay "just a quarter of a cent on average each time they pull data"; apps connected via its channels grew 80% to 20,000+; 25M customers connect.
FACT (Federal Register): CFPB's Personal Financial Data Rights (1033) final rule published Nov 18, 2024 (effective Jan 17, 2025) generally barred data providers from charging fees for required access; compliance dates Apr 1, 2026 – Apr 1, 2030. Aug 22, 2025 ANPR reopened four issues incl. whether fees may be charged; litigation in E.D. Ky.
SECONDARY: court stayed compliance dates (Oct 29, 2025, per CFPB as reported); Apr 1, 2026 date did not take effect; CFPB sent a reconsideration NPRM to OIRA on Aug 4, 2026 — not yet published as of early Oct 2026.
FACT (Plaid, Sep 2024): 80% of Plaid traffic on or committed to APIs (vs screen scraping); API migrations with JPMC, Capital One, Wells Fargo, Citi, Navy Federal; bank platform partners Jack Henry, Q2, Fiserv, Finastra, Alkami, FIS.
FACT (Plaid, Jul 1, 2026): Plaid argues consumer permission + shared protection standards are what make open banking work, including as data flows to AI assistants.

Customers named by Plaid (FACT)

Affirm, Chime, Robinhood, SoFi (2024 letter); enterprise: Citi, H&R Block, Invitation Homes, Rocket (2024 letter); MoneyLion (Layer + Consumer Report); OpenAI, Perplexity (AI apps, 2026 blog); Oportun, Mission Lane, Mynd, Funnel Leasing (2023 CRA blog).

INFERENCE (labeled on canvas)

Because most revenue is per-action and per-user-per-month, Plaid grows with its customers' sign-ups and active users — the cyclicality the 2024 letter describes.
Each new connection adds data to the network, which improves LendScore/Protect/Signal models; better models are sold back to the same customers (network flywheel).
Bank data-access fees are a new cost of goods that Plaid says it is absorbing; if more banks charge, margins or prices could move. Plaid has not disclosed the amount.
Main cost lines (not disclosed): people (900+ team), cloud/compute for models, bank data fees, CRA/FCRA compliance, payments risk on Guaranteed Payments, legal/policy.

# Plaid (Plaid Inc.) — research brief (BMC #052) Prepared 2026-10-08. Labels: **FACT** = stated by Plaid itself (annual shareholder letters, blog/newsroom posts, pricing page, billing docs, About page) or by a primary counterparty/regulator document (JPMorganChase release and newsroom post, Federal Register); **SECONDARY** = news reports or law-firm summaries; **INFERENCE** = reasoning or computation by this project. Plaid is **private** and publishes no audited financials: there is no revenue split, no profit figure in dollars and no official price list. Nothing below is estimated or invented; where Plaid has not disclosed a number, the canvas says so. Third-party revenue estimates (e.g. Sacra) are noted for context only and are **not** used on the canvas. ## Sources (all accessed 2026-10-08) - Plaid 2025 annual shareholder letter (PDF, published early 2026): https://assets.ctfassets.net/ss5kfr270og3/6mzrhYUB1oZkOeIcZUOx39/576915e13be33f29a4ef751c322a1007/2025_Plaid_Shareholder_Letter_final.pdf (landing page https://plaid.com/2025-shareholder-letter/) - Plaid 2024 annual shareholder letter (PDF, Apr 2025): https://assets.ctfassets.net/ss5kfr270og3/hSHtYkgSPc3T2H6WlPocG/4a23b036c2b6dd0ac7f8da817c967621/web-version.pdf - Plaid blog, "Plaid's latest fundraise" (Apr 3, 2025): https://plaid.com/blog/our-latest-fundraise/ - Plaid pricing page (US & Canada): https://plaid.com/pricing/ - Plaid docs, "Plaid pricing and billing": https://plaid.com/docs/account/billing/ - Plaid About page: https://plaid.com/company/ - Plaid Fall 2026 release (Oct 6, 2026): https://plaid.com/whats-new/fall-2026/ - Plaid blog, Instant Link & LendScore 2 (Oct 6, 2026): https://plaid.com/blog/instant-link-next-generation-lendscore/ - Plaid blog, Fraud Foundation Model for Protect (Oct 6, 2026): https://plaid.com/blog/introducing-fraud-foundation-model-for-protect/ - Plaid blog, Introducing Consumer Report / Plaid Check CRA (Jun 4, 2024): https://plaid.com/blog/introducing-plaid-check-cra-consumer-report/ - Plaid blog, new CRA entity announced (Nov 6, 2023): https://plaid.com/blog/plaid-cra/ - Plaid blog, Layer + Consumer Report with MoneyLion (2024): https://plaid.com/blog/layer-consumer-report-instant-onboarding/ - Plaid blog, Progress in open finance (Sep 10, 2024): https://plaid.com/blog/updates-plaid-financial-institutions/ - Plaid blog, Consumer Choice, Consumer Protection, and the Future of Finance (Jelena McWilliams, Jul 1, 2026): https://plaid.com/blog/open-banking-consumer-protection/ - JPMorganChase + Plaid joint release, renewed data access agreement (Sep 16, 2025): https://media.chase.com/news/jpmorganchase-plaid-extend-data-access-agreement - JPMorganChase newsroom, Melissa Feldsher, "Open banking should be built on trust" (Aug 11, 2026): https://www.jpmorganchase.com/newsroom/from-the-desk-of/open-banking-should-be-built-on-trust - Federal Register, CFPB ANPR "Personal Financial Data Rights Reconsideration" (Aug 22, 2025): https://www.federalregister.gov/documents/2025/08/22/2025-16139/personal-financial-data-rights-reconsideration - SECONDARY: TechCrunch, $575M at $6.1B (Apr 3, 2025): https://techcrunch.com/2025/04/03/fintech-plaid-raises-575m-at-6-1b-valuation-says-it-will-not-go-public-in-2025/ - SECONDARY: TechCrunch, valued at $8B in employee share sale (Feb 26, 2026): https://techcrunch.com/2026/02/26/plaid-valued-at-8b-in-employee-share-sale/ - SECONDARY: American Banker, JPMorganChase deal to charge Plaid (Sep 2025): https://www.americanbanker.com/news/jpmorganchase-reaches-deal-to-charge-plaid-for-customer-data - SECONDARY: CNBC, JPMorgan signs paid deals with aggregators (Nov 14, 2025): https://www.cnbc.com/2025/11/14/jpmorgan-chase-fintech-fees.html - SECONDARY: Cozen O'Connor, 1033 compliance date enjoined (Apr 9, 2026): https://www.cozen.com/news-resources/publications/2026/section-1033-compliance-date-open-banking-rule-enjoined-and-under-reconsideration - SECONDARY: Consumer Finance Monitor (Ballard Spahr), new 1033 proposal sent to OIRA (Aug 6, 2026): https://www.consumerfinancemonitor.com/2026/08/06/cfpb-sends-new-section-1033-open-banking-proposal-to-oira-for-review/ ## Teaching arc Free for consumers, paid by the ~9,000 apps that build on it → apps pay per connected account (one-time: Auth, Identity, Income, Layer), per account per month (subscriptions: Transactions, Liabilities, Investments) and per API call (Balance, Signal, Identity Match) → nearly 1M connections a day across 12,000+ institutions; more than 1 in 2 people with a US bank account have used Plaid → that network's data becomes new paid products (Credit via the Plaid Check consumer reporting agency and LendScore; Anti-Fraud via Protect; Payments via Transfer/Signal), 21% of revenue and growing 92% a year → Q4 2025 ARR "well over $500M", up ~40%, profitable for FY2025 → 2025–26: banks start charging aggregators for data (JPMorgan: ~¼ cent per pull on average; Plaid says customer pricing unchanged), the CFPB 1033 rule that banned such fees is stayed and being rewritten, and AI apps (400+, 20% of 2025 new customers) become a new demand wave. ## Scale and financial disclosures (FACT unless noted) - Q4 2025 ARR "well over $500 million", up ~40% YoY; profitable for full-year 2025 (2025 letter). No revenue, profit or margin dollar figures disclosed. - New products = 21% of revenue in 2025, growing at a collective 92% a year (2025 letter). In 2024: >20% of ARR, compounding at 93% (2024 letter). - 2024: "record-setting year on revenue, a return to positive operating margins" (Apr 2025 fundraise post). 2024 year-end figure itself "[Redacted for confidentiality]" in the published 2024 letter. - 2026 outlook: focus on distributing Credit and Anti-Fraud; "expect to maintain operating margins again this year"; "substantial business growth, but only moderate headcount growth" (2025 letter). - Business model in Plaid's words: "We have a usage-based billing model. We earn revenue when our customers sign up new users, when those users take action within our customers' apps, and via ongoing per-user-per-month fees. Most of our revenue is generated per-action and per-user-per-month." Revenue is cyclical with fintech activity and interest rates (2024 letter). - Network: "nearly 9,000 applications" as customers; "nearly one million connections are made through Plaid" every day (2025 letter). About page: 9,000+ fintechs built on Plaid, 12,000+ financial institutions supported, 900+ team members, 6 offices. - More than 1 in 2 people with a US bank account have used Plaid (2025 letter landing page; Oct 2026 blog says 1 in 2 US adults with a bank account). - Markets: US, Canada, UK and Europe (2025 letter page). - AI: 400+ AI companies building on Plaid = 20% of new customers in 2025; 80% increase in builder/startup signups in Jan 2026 (2025 letter). Consumers can share data with hundreds of AI-native apps incl. OpenAI and Perplexity, which agreed to the same data protection standards (Jul 1, 2026 blog). - SECONDARY context (not on canvas): Sacra estimates ~$546M ARR for 2025; not used. ## Funding / ownership - FACT (Plaid blog, Apr 3, 2025): raised ~$575M led by Franklin Templeton with Fidelity, NEA, Ribbit Capital and others; proceeds for employee RSU tax withholding and limited employee liquidity. - SECONDARY (TechCrunch, confirmed by spokesperson): $6.1B post-money; sale of common stock, "not a Series E"; no IPO in 2025. - SECONDARY (TechCrunch, Feb 26, 2026, company confirmed): employees allowed to sell shares at an $8B valuation, +31% vs Apr 2025, still ~40% below the 2021 peak of $13.4B. - Investors named by Crunchbase/CB Insights (SECONDARY) include Citi Ventures, Goldman Sachs, JPMorgan, a16z, NEA, Silver Lake, Ribbit, Spark, AmEx Ventures, BlackRock, Fidelity, Visa, Mastercard. ## Products (FACT, pricing page + docs) - Connectivity / data: Auth (account + routing numbers to fund accounts), Balance, Identity / Identity Match (verify ownership), Transactions (24 months of data), Investments, Liabilities, Assets, Income, Statements, Enrich. - Onboarding / identity: Link, Layer (instant onboarding; early customers saw conversion up 17.5% on average — 2024 blog), Identity Verification, Monitor (AML/PEP screening). - Payments: Transfer (ACH/RTP/FedNow etc.), Signal (predict NSF/returns), Guaranteed Payments, Payment Initiation (UK/EU). - Fraud: Protect (Trust Index; Fall 2026 Fraud Foundation Model, up to 40% relative improvement in internal tests); 2025 letter: Anti-Fraud suite "can improve fraud detection up to 50% with minimal conversion impact". - Credit: Plaid Check, a consumer reporting agency formed Nov 2023; Consumer Report launched Jun 4, 2024 (up to 24 months of permissioned cash-flow data, income insights, PrismData scores; customers incl. H&R Block/Pathward). LendScore (2025): 25% lift in predictive performance vs traditional credit data. Oct 6, 2026: Instant Link (consumers permission cash-flow data via the CRA; lenders get insights in under 2 seconds without reconnecting), LendScore 2 (Ls2 42% greater predictive power; Auto, Home Lending, Short Term models; LendScore Arc transformer model, 20% approval lift for subprime borrowers in early testing); Fairplay fair-lending partnership; FCRA rights apply. - For banks: free Open Finance Solution incl. Core Exchange (FDX-aligned API spec), Permissions Manager, App Directory (Sep 2024 blog; site footer). ## Pricing structure (FACT; no public price list) - Consumers: free. - Plans: Trial (free, 10 Production Items; new US/CA teams from Apr 15, 2026) → Pay as You Go (no commitment, standard pricing; card on file) → Growth (12-month commitment, discounted rates, support package, SSO; suited to usage up to ~$6,000/month) → Custom/Scale (higher minimums, volume discounts, beta products, premium support; suited to >$2,000/month). EU/UK customers: Custom only. Limited Production: up to 200 free live API calls per product. - Layer, Signal, Transfer, Consumer Report and Protect: not on Pay as You Go; Growth "contact for pricing" or Custom. - Fee types: one-time per connected account (Auth, Identity, Income, Layer per converted session); monthly subscription per connected account (Transactions, Recurring Transactions, Liabilities, Investments — billed while the access token exists, not pro-rated); per-request flat fee (Balance, Signal Transaction Scores, Identity Match, Investments Move, refresh endpoints); per-request flexible (Assets, Enrich, Statements Refresh); Transfer = Auth fee + Signal/Balance fee + per-transfer fee (+ operational fees); Plaid Check bundles "Plaid Income" and "Plaid Underwriting" charged per consumer report (24-hour window); Monitor base + rescanning fee; Identity Verification per check (anti-fraud engine, data source, document, selfie). - Prices themselves are shown only inside the Dashboard during the Production application, so the canvas uses fee types, not dollar amounts. ## Bank data access fees and Section 1033 (2025–26) - FACT (joint release, Sep 16, 2025): JPMorganChase and Plaid renewed their data access agreement, "which includes a pricing structure"; it "would not impact Plaid's current customer agreements and pricing." Relationship dates to 2018. - SECONDARY (American Banker): fees reported as fractions of a cent per pull; Plaid spokesperson said it won't pass fees on to its 7,000 fintech and bank clients. (Note: 7,000 is the spokesperson's 2025 figure; Plaid's own 2026 letter says nearly 9,000 applications.) - SECONDARY (CNBC, Nov 2025): JPMorgan signed paid contracts with aggregators covering >95% of data pulls (Plaid, Yodlee, Morningstar, Akoya), at lower pricing than first proposed. - FACT (JPMorganChase newsroom, Aug 11, 2026): JPM has agreements with 100% of aggregators using its secure channels; aggregators pay "just a quarter of a cent on average each time they pull data"; apps connected via its channels grew 80% to 20,000+; 25M customers connect. - FACT (Federal Register): CFPB's Personal Financial Data Rights (1033) final rule published Nov 18, 2024 (effective Jan 17, 2025) generally barred data providers from charging fees for required access; compliance dates Apr 1, 2026 – Apr 1, 2030. Aug 22, 2025 ANPR reopened four issues incl. whether fees may be charged; litigation in E.D. Ky. - SECONDARY: court stayed compliance dates (Oct 29, 2025, per CFPB as reported); Apr 1, 2026 date did not take effect; CFPB sent a reconsideration NPRM to OIRA on Aug 4, 2026 — not yet published as of early Oct 2026. - FACT (Plaid, Sep 2024): 80% of Plaid traffic on or committed to APIs (vs screen scraping); API migrations with JPMC, Capital One, Wells Fargo, Citi, Navy Federal; bank platform partners Jack Henry, Q2, Fiserv, Finastra, Alkami, FIS. - FACT (Plaid, Jul 1, 2026): Plaid argues consumer permission + shared protection standards are what make open banking work, including as data flows to AI assistants. ## Customers named by Plaid (FACT) Affirm, Chime, Robinhood, SoFi (2024 letter); enterprise: Citi, H&R Block, Invitation Homes, Rocket (2024 letter); MoneyLion (Layer + Consumer Report); OpenAI, Perplexity (AI apps, 2026 blog); Oportun, Mission Lane, Mynd, Funnel Leasing (2023 CRA blog). ## INFERENCE (labeled on canvas) - Because most revenue is per-action and per-user-per-month, Plaid grows with its customers' sign-ups and active users — the cyclicality the 2024 letter describes. - Each new connection adds data to the network, which improves LendScore/Protect/Signal models; better models are sold back to the same customers (network flywheel). - Bank data-access fees are a new cost of goods that Plaid says it is absorbing; if more banks charge, margins or prices could move. Plaid has not disclosed the amount. - Main cost lines (not disclosed): people (900+ team), cloud/compute for models, bank data fees, CRA/FCRA compliance, payments risk on Guaranteed Payments, legal/policy.