Solid, a FinTech-as-a-service platform that offers infrastructure to launch and scale FinTech products, has bagged $63m from a Series A round.
The round was led by FTV Capital and also saw participation from existing investor firm Headline.
FinTech programs that build and launch on Solid own the experience and have little or no regulatory overhead. The company said integration is a light technical lift – a matter of calling modern APIs and a few lines of code – facilitating speed to market.
Some of Solid’s programs include established FinTechs such as Plate IQ and Paystand and Shifl and Everflow. Startups such as Lumanu and Starlight have also been involved.
The company has recorded 10X growth in revenue, transactions and customer base over the last year, which has sped up the company’s path to profitability.
Raghav Lal – co-founder and president of Solid – said, “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.”
Solid claims the funding round will speed up its expansion into FinTech-ready verticals including travel, logistics, construction, healthcare, education, and the gig economy.
Solid CEO and co-founder Arjun Thyagarajan added, “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. 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.”
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