Buffalo, NY, United States, 27th Sep 2022, (King NewsWire) – Solid, an embedded fintech platform, has raised $63 million in Series B funding to expand its product offerings and aggressively expand into new verticals. The round was led by FTV Capital, with Headline as an existing investor also participating.
With the influx of funds, Solid plans to bring its potential solutions to new markets such as travel, logistics, construction, healthcare, education, and the gig economy. Previously, the firm raised $5.7 million in a Seed round and $12 million in a Series A. It officially launched its infrastructure as a service in April 2021.
The company’s chief executive Arjun Thyagarajan commented on the round and its implications: “The company built a comprehensive fintech infrastructure from the ground up, so others don’t have to. Now, any company can quickly create 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.”
This sentiment was echoed by Robert Anderson, partner at FTV Capital. Anderson also joined Solid’s board of directors as part of the investment. Anderson said: “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 the company is delighted to back the leading fintech-as-a-service platform with unmatched leadership and a commitment to compliance, technology, and customer experience.”
This is a potential solution to what has been a long-standing problem in the financial technology space. Thyagarajan explained: “Historically, companies that wanted to launch fintech products had to piece together dozens of point solutions at enormous upfront and ongoing costs. It could take years before they had a live product.”
The company has seen tremendous growth over the past year. Thyagarajan notes that even as the broader economy contracted, their business grew rapidly, with 10x growth in revenue, customers, and transactions processed over the past 12 months.
This is likely due to the growing realization among businesses of all sorts that embedding fintech products into their existing offerings is a way to help increase user engagement and potentially drive incremental revenues.
Looking to the future, Solid’s co-founder and president, Raghav Lal, said: “With over 100 fintech programs and $2 billion in transactions processed on our infrastructure, year to date, Solid has quickly become a go-to provider for high-growth companies that want a one-stop shop for their fintech needs. The company is just getting started.”
Contact Person: Arjun Thyagarajan
Country: United States
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