The US-based company works with fintech and vertical SaaS companies and offers banking, payments, cards, and cryptocurrency products via APIs. The company’s co-founder and CEO told TechCrunch that the company spent the last 18 months (until September 2022) working with early customers on product-market fit.
He explained that traditional fintech infrastructure was not built for the modern company and that results in companies needing dozens of point solutions and often spending millions in upfront and ongoing maintenance costs, all before launching an actual product. Instead, by leveraging APIs and a few lines of code, customers can embed fintech products and get them functional quickly.
Solid’s CEO argued that customers look for developer interface/developer experience (DI/DX) rather than UI/UX, with a self-serviced ‘powerful’ dashboard. According to TechCrunch, Solid grew 10x in revenue, doubled its customers to 100 and became profitable, over the past year; year to date, the company processed USD 2 billion in transactions.
Solid is reportedly on a journey to get to 100 customers and its founders thought it was time to look after new funding. TechCrunch reports that the research for funding process started in May 2022 and Solid closed the Series B at the end of July 2022.
FTV Capital led the new investment and was joined by the existing investor Headline. To date, Solid has raised USD 80.7 million. The company’s CEO didn’t disclose a specific valuation with the new round but did reveal it was 5x over Solid’s Series A valuation. The capital infusion will help accelerate Solid’s entrance into some new verticals like travel, logistics, construction, healthcare, education, and the gig economy. The company is looking at where money is moving and identified 40 to 50 different verticals where there is an impedance in how money moves, but they want to benefit their customers, according to TechCrunch.
The company is also focusing on mid-market and larger companies, which is another reason why Solid’s CEO said the investment was important. He said that Solid is ‘talking to Fortune 1000 companies and they feel more comfortable working with companies with a strong balance sheet. A lot of work has been under the radar, so we are getting the brand out and showcasing we are the ‘AWS of fintech,’ a one-stop shop. Our goal is to be alongside them as a partner, not just a vendor’, TechCrunch concludes.
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