Solid, the leading fintech-as-a-service platform that offers modern infrastructure for any company to launch and scale fintech products, today 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 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.
Fixing fintech infrastructure that is complex, fragmented and expensive
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. "We built the most comprehensive fintech infrastructure from the ground up, so others don't have to," said Arjun Thyagarajan, co-founder and CEO at Solid. "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."
"With over two decades of investing in category-defining fintechs, FTV has been closely following the rise of banking-as-a-service, or BaaS," said Robert Anderson, partner at FTV Capital, who joined Solid’s board of directors as part of this investment. "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."
Explosive growth driven by surging demand for modern fintech infrastructure
Today's announcement comes on the heels of unprecedented 10x growth in revenue, customer base, and transactions processed in the last 12 months, which accelerated the company's path to profitability. "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," said Raghav Lal, co-founder and president at Solid. Prior to Solid, Lal launched several successful fintech programs at American Express and Visa.
Fintech programs that build and launch on Solid own the experience and have little or no regulatory overhead. Integration is a light technical lift, a matter of calling modern APIs and a few lines of code, facilitating lightning-fast speed to market. Solid's programs include established fintechs (such as Plate IQ and Paystand), SaaS leaders (such as Shifl and Everflow), and rapidly growing startups (such as Lumanu and Starlight).
"The future of commerce, media, and work is increasingly driven by passionate creators. Lumanu's first-of-its-kind payments platform with embedded financing tools, built on Solid's infrastructure, empowers creatives to deliver great work without worrying about money," says Tony Tran, CEO at Lumanu, powering payments for over 40K creators and 300 businesses.