Fintech-as-a-service Platform Solid Secures $63M in Series B

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. Existing investor Headline also participated in the round.

"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."

Source: Finextra