Solid Raises $63M to Expand FinTech-as-a-Service into New Verticals

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

With this platform, companies can launch and scale FinTech products with just modern application programming interfaces (APIs) and a few lines of code, rather than years of effort and millions of dollars of costs, according to a Wednesday (Aug. 31) press release.

“We built the most comprehensive [FinTech] infrastructure from the ground up, so others don’t have to,” Solid Co-Founder and CEO Arjun Thyagarajan said in the release. “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.”

The announcement comes after a year in which Solid recorded tenfold increases in revenue, customer base and transactions processed, according to the press release.

“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 Co-Founder and President Raghav Lal said in the release.

As PYMNTS reported in January, construction financing platform Struxtion, LLC worked with Solid to use the FinTech-as-a-Service platform to provide what it described as “frictionless financing” for the commercial construction industry.

Read more: Struxtion Launches ‘Frictionless’ Construction Financing Tool

“Working with Solid has been a great win for both teams,” Struxtion CEO Gregg Lund said at the time in a press release. “The Solid platform provided us with all the infrastructure pieces to offer a robust and comprehensive FinTech platform in record time.”