Integrated Funding Platform Solid Raises $63M to Expand into New Verticals
- Susan G. Hall
- on Aug 31, 2022
“Now any business can quickly create bank accounts, crypto wallets, send payments, and issue cards to their end users, right in their product experience, while Solid takes care of building and maintaining a compliant fintech infrastructure.”
Solid raised $63 million in a Series B funding round led by FTV Capital, an industry-focused growth capital firm with nearly 25 years of experience investing in fintech. Existing investor Headline also participated in the round.
The Banking-as-a-Service (BaaS) platform provides the infrastructure needed for any business to launch and scale fintech products and the funding will be used to accelerate Solid’s expansion into market-ready verticals. fintech such as travel, logistics, construction, healthcare, education and labor economics.
Founded in 2019, the company raised £5.7m in a seed round and £12m in a Series A funding round, both in 2020. The company officially launched its fintech platform in April 2021.
“Think AWS for FinTech”
Bank accounts, crypto wallets. payments, cards
Arjun Thyagarajan, co-founder and CEO of Solid, said, “We’ve built the most comprehensive fintech infrastructure from the ground up, so others don’t have to. Now any business can quickly create bank accounts, crypto wallets, send payments, and issue cards to their end users, right in their product experience, while Solid takes care of building and maintaining an infrastructure. fintech compliant.
Robert Anderson, Partner at FTV Capital, commented, “With more than two decades of investing in category-defining fintech, FTV has closely followed the rise of banking as a service, or BaaS. Solid addresses a real market need for modern fintech infrastructure, providing a best-in-class platform that encompasses technology, compliance and everything in between. The company’s strong financial position, explosive growth, and caliber of customers speak for themselves, and we’re excited to support the leading fintech-as-a-service platform with unparalleled leadership and commitment. towards compliance, technology and customer experience.
Raghav Lal, co-founder and president of Solid, added, “With over 100 fintech programs and $2 billion in transactions processed on our infrastructure so far this year, Solid has quickly become the go-to provider for businesses in fast-growing who want a one-stop-shop for their fintech needs.
Tony Tran, CEO of Lumanu, said, “The future of commerce, media and work is increasingly driven by passionate creators. Lumanu’s one-of-a-kind payment platform with built-in funding tools, built on Solid’s infrastructure, empowers creatives to deliver great work without worrying about money.
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