Solid, the Fintech-as-a-service platform that offers modern infrastructure for any company to launch and scale fintech products, announced its $63 million Series B funding round.
Led by FTV Capital, a sector-focused growth equity firm with nearly 25 years of experience investing in financial technology, the funding will “accelerate Solid’s expansion into fintech-ready verticals such as travel, logistics, construction, healthcare, education, and the gig economy.” Existing investor Headline also participated in the investment round.
Modern companies are “increasingly recognizing the opportunity to embed fintech products as a way to expand their value propositions, increase user engagement, and drive incremental revenues.” However, traditional fintech infrastructure was “not built for the modern company, often requiring dozens of point solutions, millions in upfront and ongoing maintenance costs, and years before launching a live product.”
Solid’s vision is “to make it easy to embed fintech products, with a fully abstracted fintech-as-a-service platform that provides modern developer interfaces and experiences.”
Arjun Thyagarajan, co-founder and CEO at Solid, said:
“We built the most comprehensive fintech infrastructure from the ground up, so others don’t have to. Now, any company can quickly spin up bank accounts, crypto wallets, send payments, and issue cards to their end users, right in their product experience, while Solid does the heavy lifting of building and maintaining compliant fintech infrastructure.”
Robert Anderson, partner at FTV Capital, who joined Solid’s board of directors as part of this investment, remarked:
“With over two decades of investing in category-defining fintechs, FTV has been closely following the rise of banking-as-a-service, or BaaS. Solid is meeting a real market need for modern fintech infrastructure, delivering a best-in-class platform that encompasses technology, compliance and everything in between. The company’s strong financial position, explosive growth, and caliber of clients speak for themselves, and we are delighted to back the leading fintech-as-a-service platform with unmatched leadership and a commitment to compliance, technology, and customer experience.”
This announcement comes on the heels of 10x growth in revenue, customer base, and transactions processed in the last 12 months, which “accelerated the company’s path to profitability.”
Raghav Lal, co-founder and president at Solid. Prior to Solid, Lal launched several successful fintech programs at American, added:
“With over 100 fintech programs and $2 billion in transactions processed on our infrastructure, year to date, Solid has quickly become the go-to provider for high-growth companies that want a one-stop shop for their fintech needs.”
For more details on this update, check here.