Solid, a San Mateo, CA-based leading fintech-as-a-service platform that offers a modern infrastructure for any company to launch and scale fintech products, announced that it raised a $63 million Series B funding round.
The round was 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 funding will accelerate Solid’s expansion into fintech-ready verticals such as travel, logistics, construction, healthcare, education, and the gig economy.
The 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.
Company: Solid Financial Technologies, Inc.
Round: Series B
Funding Month: Aug 2022
Lead Investors: FTV Capital
Additional Investors: Headline
Company Website: https://www.solidfi.com/
Software Category: FinTech-as-a-service
About the Company: Solid is a modern fintech infrastructure provider—a one-stop shop that offers a fully integrated and compliant suite of fintech services—think AWS for FinTech or simply FinTech-as-a-service. Solid develops a fintech platform for users to create bank accounts, offer crypto wallets, send payments, and issue cards to customers. On Solid's fully managed infrastructure, any company can quickly build and launch embedded fintech products. The company owns the experience and has 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 clients 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). Headquartered in San Mateo, CA.