Embedded finance platform Solid raises $63m to expand into new verticals

Solid has raised $63 million in a Series B funding round led by FTV Capital, a sector-focused growth equity firm with nearly 25 years of experience investing in financial technology. Existing investor Headline also participated in the round.

The banking-as-a-service (BaaS) platform offers the required infrastructure for any firm to launch and scale fintech products and the funding will be used to accelerate Solid’s expansion into fintech-ready verticals such as travel, logistics, construction, healthcare, education, and the gig economy.

Founded in 2019, the firm raised £5.7 million in a seed round and £12 million in a series A funding round, both in 2020. The company officially launched its fintech platform in April 2021.

“Think AWS for FinTech”

Solid offers a one-stop shop of a fully integrated and compliant suite of fintech services . “Think AWS for FinTech or simply FinTech-as-a-service!”, said chief executive Arjun Thyagarajan on LinkedIn. 

Their goal is to empower any company to quickly build and launch embedded fintech products such as bank accounts, crypto wallets, payments, and cards to their users.

The company owns the experience and is said to have little or no regulatory overhead, while integration is a light technical lift, a matter of calling modern APIs and a few lines of code. 

A few clients include Plate IQ, Paystand, Shifl, Everflow, Lumanu, and Starlight. Solid is backed by FTV Capital, Headline, Base10, Grishin Robotics, and Abstract Ventures.

Bank accounts, crypto wallets. payments, cards

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, commented: “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.”

Raghav Lal, co-founder and president at Solid, 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.”

Tony Tran, CEO at Lumanu, commented: “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.”