Solid raises $63 million to expand FinTech-as-a-Service into New Verticals

Solid raises $63 million to expand FinTech-as-a-Service into New Verticals ...

Solid Financial Technologies, a FinTech-as-a-Service platform, has raised $63 million in a Series B funding round to expedite its expansion into new industries, including travel, logistics, construction, healthcare, education, and the gig economy.

According to a Wednesday (Aug. 31) press release, firms may launch and scale FinTech products with just modern application programming interfaces (APIs) and a few lines of code.

Solid Co-Founder and CEO Arjun Thyagarajan said in a release that we've 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."

According to the press release, Solid has reported tenfold increases in revenue, customer base, and transactions.

Solid has rapidly become the go-to provider for high-growth companies that want a one-stop shop for their [FinTech] needs, according to Solid Co-Founder and President Raghav Lal in the release.

Struxtion, LLC, a construction financing platform, collaborated with Solid to offer what it describes as "frictionless financing" for the commercial construction industry in January.

Struxtion Unveils 'Frictionless' Construction Financing Tool

"Working with Solid has been a fantastic victory for both teams," said Struxtion CEO Gregg Lund at the time in a press release. "The Solid platform provided us with all of the infrastructure pieces to provide a robust and comprehensive FinTech platform in record time."

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