US fintech start-up Solid lands $63m in Series B funding

Californian fintech start-up Solid, which offers a modern infrastructure for businesses to launch and scale fintech products, has raised $63 million in Series B funding.

Solid raises $63m Series B

The round was led by FTV Capital, with existing investor Headline also participating.

Solid says the funding will help accelerate its expansion into verticals such as travel, logistics, construction, healthcare, education and the gig economy.

Founded in 2018 and based in San Mateo, Solid provides the infrastructure for businesses to build and launch embedded finance products.

Arjun Thyagarajan, co-founder and CEO at Solid, says the firm’s tech enables any company to “quickly spin up bank accounts and crypto wallets, send payments and issue cards to their end users”.

Solid claims its revenue, transactions processed and customer base have grown 10x in the last 12 months, with over 100 fintech programmes under its belt and $2 billion in transactions processed.

In October 2020, Solid raised $12 million in Series A funding, and with the new investment, its total funding stands at over $80 million to date.