(Bloomberg) -- Plaid Inc., a financial technology firm best known for facilitating communication between startups and traditional banks, is working with Goldman Sachs Group Inc. on a sale of existing shares, according to people familiar with the matter.

The share sale for the San Francisco-based company may raise between about $300 million and $400 million, said the people, who asked not to be identified discussing private information. The deal, known as a tender offer, is a type of process that allows some early investors and employees of closely held firms to sell their stakes.

Plaid raised a series D funding round at a $13.4 billion valuation back in 2021. Though the company’s valuation in the current round hasn’t been determined, it is expected to be below that figure, one of the people said. Fintech valuations retreated across the board in 2022 amid rising interest rates and geopolitical instability.

Details of the offering could change and no final decisions have been made, the people said. Representatives for Goldman Sachs and Plaid declined to comment.

The company, which has matured to offer identity verification and credit products, saw revenue jump more than 25% last year after it expanded its offerings, Bloomberg News reported in January. Its chief executive officer told Bloomberg News in an interview at the time that it was his hope that the company would be ready for an IPO in the next couple of years.

Plaid has raised more than $730 million in total, according to data provider PitchBook. Its most recent round was led by Altimeter Capital and Silver Lake Partners.

Fintechs are recovering from a challenging stretch, with a string of US IPOs expected in the coming months. Klarna Group Plc is targeting a debut in the coming months while Chime Financial Inc. submitted a confidential filing in December for an IPO.

--With assistance from Paige Smith.

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