Next-Gen Fintech Infrastructure: Our Investment in Solid
We are pleased to announce our investment in Solid, the leading fintech infrastructure platform across banking, card payments, money movement, and crypto. With a mission to enable any company to be a fintech, Solid provides an end-to-end infrastructure that entirely abstracts the challenges of launching traditional financial products, allowing clients to quickly and inexpensively launch fintech products that are ready to scale. FTV’s investment will help Solid accelerate market adoption, broaden platform capabilities and extend its market-leading position into new fintech-ready verticals.
The way in which fintech products are consumed is changing. Financial products are now more likely to be delivered digitally – and increasingly as an embedded component of a native user experience like point-of-sale financing within e-commerce checkout flows or virtual bank accounts within a mobile app. Indeed, many companies are beginning to wake up to the potential to leverage their brand and user base to deliver embedded financial products, which can drive further user engagement, client loyalty, and incremental revenues. Notably, FTV has long had conviction in the secular trends impacting banking technology, vertical software, and embedded finance with several recent investments, including LoanPro, Vagaro, Plate IQ, and Single Ops.
And yet, despite the robust demand for embedded financial products and decades of digital transformation within traditional banking, launching fintech products remains as difficult as ever. It’s not uncommon for companies seeking to launch fintech products to invest years of product development and millions in upfront and ongoing maintenance costs to cobble together dozens of point solutions and providers while navigating numerous regulatory complexities – all before their users ever transact real money.
Solid built a modern fintech platform to address these challenges by abstracting away the complexities and costs of underlying providers via a fully integrated suite of developer-friendly APIs and interfaces. Using Solid, customers can instantly onboard to the platform and build fintech products immediately. Because Solid has a stable of banking and card partners along with embedded compliance as a service and pre-built SDKs, clients can often be up and running in a matter of weeks versus quarters or years.
This value proposition is resonating with clients. As Solid’s co-founder and CEO, Arjun Thyagarajan, shared several months ago, the company has been on a tremendous growth trajectory. Today, Solid serves over 100 fintech programs across consumer and business use cases and a range of client segments including vertical software, business, and consumer banking, marketplaces, gig economy, crypto, and others.
As we look ahead, we are particularly excited about Solid’s continued platform investments, which will drive additional partnerships with financial institutions, richer platform capabilities, an expanded library of pre-built SDKs to further improve time-to-launch, and other enhancements.
Congratulations, Solid, on all of your success so far, and surely more to come. We are excited to partner with Arjun Thyagarajan, Raghav Lal, and the entire Solid team to help realize their vision of enabling every company to become a fintech.
- Think Forward
- Why We Invested