Plaid, a company that connects bank accounts to financial applications, is working with Goldman Sachs on a deal to allow early-stage investors and employees to sell existing shares, which will raise between $300 million and $400 million, Bloomberg reported, citing sources.

The tender offer, as such deals are called, will likely value the company lower than its previous financing round. Plaid raised a $425 million Series D at a post-money valuation of $13.4 billion in April 2021 in a deal led by Altimeter Capital.

But since then, higher interest rates have led to lower valuations for many fintech startups.

Plaid didn’t immediately respond to a request for comment.

While Plaid initially focused on fintech clients, its customer base now includes established financial companies like H&R Block, Western Union, and Citi. The company’s revenue increased more than 25% in 2024, Bloomberg reported last month.

Correction: An earlier version of this story said that Goldman will buy the shares for $300 million to $400 million.