American fintech infrastructure provider Solid has raked in $63m in its Series B funding round led by growth equity firm FTV Capital.
The funding round was also joined by the company’s existing investor Headline.
The capital will be used the company to expedite its reach in fintech-ready verticals that cover travel, logistics, construction, healthcare, education as well as gig economy.
The firm works in collaboration with fintech and vertical software as a service (SaaS) companies to deliver banking, payments, cards and cryptocurrency products.
Solid noted that its fully abstracted fintech-as-a-service platform will enable easy embedment of fintech products.
Through the platform, Solid seeks to address the issues of complex and expensive fintech infrastructure.
It also plans to provide advanced developer interfaces and experiences.
Solid co-founder and CEO Arjun Thyagarajan said: “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.”
As part of the latest investment, FTV Capital partner Robert Anderson joined Solid’s board of directors.
Anderson said: “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.”
