<ul><li>Plaid's CEO, Zach Perret, revealed that the company scraped data from 12,000 banks to bridge the gap between banks and digital finance apps.</li><li>Plaid initially relied on screen scraping, a risky method that raised privacy and security concerns by bypassing banks' APIs.</li><li>In 2021, Plaid settled a $58 million class-action lawsuit over data privacy issues, signaling a shift towards using APIs instead of screen scraping.</li><li>Plaid raised $575 million at a $6.1 billion valuation in a recent funding round, emphasizing its growth and importance in the fintech sector.</li></ul>

The CEO of a $6 billion fintech explains how the huge risk he took with thousands of banks paid off big

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