‍Solid, the leading fintech-as-a-service platform that offers a 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 such as travel, logistics, construction, healthcare, education, and the gig economy. Existing investor Headline also participated in the round.

Modern businesses are becoming more aware of the potential for integrating fintech solutions to broaden their value propositions, boost user engagement, and generate additional money. Traditional fintech infrastructure, however, was not created for the modern business; as a result, it frequently necessitates dozens of point solutions, millions in initial and ongoing maintenance expenses, and years before a live product can be launched.

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.”

                                                              Arjun Thyagarajan, co-founder and CEO at Solid.

“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 calibre 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.”

Robert Anderson, partner at FTV Capital, who joined Solid’s board of directors as part of this investment.

Today’s 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.

“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,”

                                                                  Raghav Lal, co-founder and president at Solid.

Prior to Solid, Lal launched several successful fintech programs at American Express and Visa.

The experience is their own, and there is minimal to no regulatory burden for fintech programs that are built and launched on Solid. A few lines of code and a call to current APIs suffice for integration, which allows for an incredibly quick time to market. Programs from Solid include well-known fintechs, SaaS industry giants, and quickly expanding companies.

“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,”

Tony Tran, CEO at Lumanu, powering payments for over 40K creators and 300 businesses.