Fintech-as-a-Service Platform Solid Secures $63 Million in Series B Funding

Fintech-as-a-Service Platform Solid Secures $63 Million in Series B Funding
  • Fintech-as-a-service innovator Solid raised $63 million in Series B funding this week.
  • Solid offers a platform that enables businesses to build and scale embedded fintech products into their own solutions.
  • The company, which made its Finovate debut in 2019 as “Wise,” will use the investment to accelerate its expansion into “fintech-ready” verticals such as travel, health care, and the gig economy.

Fintech-as-a-service company Solid has raised $63 million in Series B funding. The company offers infrastructure to enable companies to launch and bring to scale embedded fintech solutions. The round was led by FTV Capital. Existing investor Headline also participated.

“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. “Now, any company can quickly spin up bank accounts, crypto wallets, send payments, and issue cards to their end users, right into their product experience, while Solid does the heavy lifting of building and maintaining compliant fintech infrastructure.”

Solid made its Finovate debut at FinovateFall 2019 as “Wise.” At the conference, the company demonstrated its small business banking-in-a-box offering that included a checking account, payments, invoicing, cards, and point-of-sale solutions. The company rebranded as Solid last year as part of a pivot to highlight the modern banking platform they had used to launch their Wise business banking solution.

“We went from powering the Wise app to powering other products and ecosystems,” Thyagarajan and company co-founder and President Raghav Lal wrote at the Solid website last spring. “Along the way, we realized our brand and our positioning needed to change, too. And today, we are making the change and excited to share that Wise is now Solid.”

Solid will use the new capital to help fuel the company’s accelerated expansion into what it calls “fintech-ready” verticals like travel, construction, healthcare, and the gig economy. The company’s fully abstracted fintech-as-a-service platform gives developers the tools they need to easily embed fintech products into their offerings. Solid reports that fintech programs that build and launch on its platform own the experience and have little or no regulatory overhead. Solid’s technology also leverages modern APIs and a minimal-code approach to make integration easier. Companies that have used Solid’s platform include fellow Finovate alums like Paystand, as well as SaaS companies such as Everflow and emerging startups like Starlight.

Founded in 2018, Solid is headquartered in San Mateo, California. This week’s investment brings the company’s total funding to more than $80 million according to Crunchbase. Solid reported a 10x growth in revenues, customer base, and transactions processed last year. More than 100 fintech programs and $2 billion in transactions have been processed on the company’s infrastructure year to date.


Photo by David Bartus

FinovateFall 2022 Sneak Peek: Responsive AI

FinovateFall 2022 Sneak Peek: Responsive AI

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

Responsive AI is a B2B wealthtech company that scales better, personalized advice to more clients. Their flexible framework and APIs empower advisors to enrich engagement and increase productivity.

Features

  • Allows companies to see more, know more and do more for their clients
  • Provides holistic next best action
  • Includes wider data, deeper analytics

Why it’s great

Responsive builds better advice with wider holistic data, industry-leading behavioral analytics and accelerated time to insight. Scaling is made simple with Responsive’s modular, flexible framework.

Presenters

Day Wachell, CEO
Named one of BC’s top 25 Fintech CEOs, Day Wachell studied AI in the SymSys program at Stanford and Film at Columbia. His film and opera work has been seen at Tribeca, Sundance, and the Hammer Museum.
LinkedIn

Logan Grosenick, Chief Science Officer
Logan Grosenick is tenure-track in Neuroscience and Psychiatry at Cornell. He has 40+ articles in engineering, stats, and neuroscience journals and is leading the development of Reponsive’s ML engine.
LinkedIn

FinovateFall 2022 Sneak Peek: Themis

FinovateFall 2022 Sneak Peek: Themis

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

Themis is the first compliance collaboration tool to help companies accelerate partnerships with vendors, banks and fintechs.

Features

  • Requires very little implementation time
  • Allows for seamless collaboration with internal and external partners
  • Includes a ready to use compliance framework

Why it’s great

Themis is the first collaborative compliance tool built by the compliance industry.

Presenter

Neepa Patel, Founder & CEO
Formerly Patel was an OCC Bank Regulator, a Chief Compliance Officer at a Fintech and a Compliance Officer at Morgan Stanley / Deutsche.
LinkedIn

FinovateFall 2022 Sneak Peek: Nuance

FinovateFall 2022 Sneak Peek: Nuance

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

Nuance (a Microsoft company) helps FIs create stronger relationships and better experiences for their customers and workforce.

Features

Through biometric authentication and fraud prevention, Nuance Gatekeeper:

  • Improves customer experiences
  • Lowers operational costs
  • Mitigates fraud losses and protects brands

Why it’s great

Nuance Gatekeeper provides both authentication and fraud prevention on a single platform that spans voice and digital channels.

Presenters

Amy Travers, Vice President, Security & Biometrics
Amy Travers works closely with banks and credit unions across North America to design biometric authentication and fraud prevention solutions that deliver the highest levels of security and customer experience.
LinkedIn

Rachel Muench, Security and Biometrics Executive
Rachel Muench is a Security and Fraud Specialist with Nuance. Like Amy Travers, her expertise is helping credit unions strike the right balance between authentication, fraud prevention and member experience.
LinkedIn

FinovateFall 2022 Sneak Peek: Energy Shares

FinovateFall 2022 Sneak Peek: Energy Shares

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

Energy Shares is a FINRA registered broker-dealer and equity crowdfunding platform for utility scale renewable energy projects in the U.S.

Features

  • Expands access to renewable energy investments
  • Accelerates the adoption of renewable energy in U.S.
  • Updates/expands U.S. power grid to meet rising electricity demands

Why it’s great

Energy Shares gives the power to invest directly in and own shares of renewable energy projects previously only accessible to institutional, corporate, and a limited number of retail investors.

Presenters

Mark Kapczynski, CMO
Kapczynski hails from a background working on the brand FreeCreditReport.com for Experian and served as an executive for Envestnet – Yodlee.
LinkedIn

Chloe Breau, Social Media & Community Manager
Breau is an expert in community-building and social media engagement.
LinkedIn

FinovateFall 2022 Sneak Peek: Eltropy

FinovateFall 2022 Sneak Peek: Eltropy

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

Eltropy enables Community Financial Institutions to digitally engage in a secure and compliant way via text, video, audio, secure chat, and social messaging. With Eltropy’s world-class digital communications platform, financial institutions can improve operations, engagement, and productivity.

Features

  • Only credit-union-focused inbound and outbound omni-channel digital communication solution
  • Rated as Best Text and Omni-Channel Solution by CUNA Strategic Services
  • 300+ credit unions

Why it’s great

Eltropy has the only all-in-one inbound and outbound omni-channel solution designed for enterprise wide use across lending, collection, marketing, and contact centers.

Presenter

Dave Norton, CRO
Norton has spent his career building and selling SaaS solutions, big data analytics, AI and BI, data aggregation, and data platforms to Fortune 100 & 500 companies in the following sectors: Financial Services, Insurance, Property Management, Retail, Construction, Education, Government, and Restaurant/Hospitality.
LinkedIn

FinovateFall 2022 Sneak Peek: ASA

FinovateFall 2022 Sneak Peek: ASA

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

ASA is an embedded fintech solution providing a clear path to innovation, scale and customer empowerment for financial institutions and fintechs, powering growth and opportunity for all.

Features

  • FIs turn on any new fintech without liability or risk
  • Customers privately and anonymously connect to fintechs
  • Both FIs and fintechs experience easier one-to-one vendor due diligence

Why it’s great

ASA solves liability and risk traditionally associated with financial institution/fintech partnerships, enabling unlimited innovation and customer choice powered by FIs.

Presenters

Landon Glenn, Founder & CEO
Glenn founded ASA to connect financial institutions with customer-facing fintechs in a secure, compliant and easy to implement marketplace.
LinkedIn

Lisa Gold Schier, CSO
Gold Schier drives the strategy of collaborative banking, creating a clear path to innovation, scale and customer empowerment through embedded fintech.
LinkedIn

Nick Hammerstad, CRO
Hammerstad is responsible for revenue/sales operations, leading revenue generation functions and developing strategic business partnerships through collaborative banking.
LinkedIn

FinovateFall 2022 Sets Record-Breaking Attendance Pace

FinovateFall 2022 Sets Record-Breaking Attendance Pace

FinovateFall 2022 in New York next month is on pace to be the biggest Finovate conference to date.

The Finovate team got the word early Tuesday morning: 1600+ registered attendees for FinovateFall. And counting …

“That’s huge!!” said Finovate VP, podcast host, and conference Master of Ceremonies Greg Palmer. “Biggest show in a long time!”

And with less than two weeks to go before the curtain goes up on our fall fintech conference, there’s every chance that the biggest Finovate in a long time is going to get even bigger.

Early-bird discounts end this week, so today is a great time to swing by our FinovateFall registration page and save your spot as Finovate’s return to live events continues. From September 12 though September 14, FinovateFall 2022 will feature three days of live fintech demoes, insightful main stage keynotes on critical fintech topics, as well as fan favorites like our Analyst All Stars Panel, Fintech Fight Club, all-day networking opportunities, and more.

Meet the fintech experts who are scheduled to speak next month at FinovateFall! Get to know the companies who will demonstrate their latest innovations live on our Finovate stage! And then be sure to visit our FinovateFall 2022 hub to register and save your spot today!


Photo by RUN 4 FFWPU

LexisNexis Risk Solutions Brings its Compliance Technology to Darlington Building Society

LexisNexis Risk Solutions Brings its Compliance Technology to Darlington Building Society
  • Darlington Building Society has partnered with LexisNexis Risk Solutions to enhance its financial crime prevention strategy.
  • The U.K.-based financial institution will deploy LexisNexis Risk Solutions’ RiskNarrative platform which features integrations with more than 50 third party data sources.
  • Darlington Building Society was named Building Society of the Year in 2021 for its work with Finovate alum ieDigital.

U.K.-based Darlington Building Society has partnered with LexisNexis Risk Solutions to upgrade its financial crime prevention capabilities. The Society, founded more than 160 years ago, will deploy the company’s RiskNarrative platform, which will also enhance the Society’s online member portal and customer onboarding experiences.

Using a single API and integrations with more than 50 third party data sources, RiskNarrative gives companies the ability to better identify risk and detect fraudulent activity. The platform will enable Darlington Building Society to orchestrate document verification, PEP and sanctions monitoring, identity and address verification, and risk ratings of applications, as well as creating and managing internal watch lists.

“The partnership with LexisNexis Risk Solutions demonstrates the Society’s commitment to improving application processes for our members,” Darlington Building Society Chief Operating Officer Chris Hunter said. “The rollout of Digital ID&V, as part of the RiskNarrative implementation, is a step forward in simplifying customer account opening and reducing paper usage.”

Darlington Building Society will use technology from LexisNexis to digitize and streamline its onboarding journeys for both mortgage and savings applicants, Darling Building Society Chief Risk Officer David Bews added. Bews said the platform will also enable the Society to “future-proof” its financial crime prevention strategy, by helping the Society adjust its criteria to mitigate future risk as well as react to current threats.

Founded in 1856, Darlington Building Society supports nine branches across the North East, County Durham, and North Yorkshire. The Society offers savings accounts and mortgages, as well as service via its online banking resource, Darlingtononline. As a membership-owned and run mutual financial institution, Darlington Building Society turns its profits into lower mortgage rates, higher savings rates, and support for local charities. The company was named Building Society of the Year in 2021 for its work with U.K.-based digital experience platform provider – and Finovate alum – ieDigital.

LexisNexis Risk Solutions is an international data and analytics company dedicated primarily yo predictive insights and fraud prevention. Founded in 1997 and headquartered in Alpharetta, Georgia, the company serves customers in a wide range of industries including financial services and insurance, healthcare, government, and public safety.

LexisNexis Risk Solutions includes multiple Finovate alums among its recent acquisitions. The company purchased BehavioSec earlier this year, TruNarrative in 2021, Emailage in 2020 and ThreatMetrix in 2018.


Photo by JESHOOTS.com

Best of Show: Catching Up with the Favorites of FinovateFall

Best of Show: Catching Up with the Favorites of FinovateFall

These nine fintechs wowed our FinovateFall audiences last year with their innovations in embedded finance, payments, wealth management, and more. To whet your appetite for FinovateFall next month, September 12 through 14, here’s a look at what our FinovateFall 2021 Best of Show companies have been up to since taking home Finovate’s top prize last fall.

FinovateFall 2022 is only two weeks away. Register by September 2nd and take advantage of big early-bird savings!


Array

Won Best of Show for its API-based and embedded personalized consumer credit, identity, and financial wellness solutions. Headquartered in New York City. Founded in 2020.

Forged partnerships with fellow Finovate alums Jack Henry Associates and Alkami Technology. Won a second Best of Show award at FinovateSpring 2022.

Autobooks

Won Best of Show for its small business digital invoicing and online payment acceptance solutions. Headquartered in Detroit, Michigan. Founded in 2017.

Raised $50 million in funding. Named a finalist in the Best SMB/SME Banking Solution category in the 2022 Finovate awards.

Bambu

Won Best of Show for its technology designed to help financial institutions provide wealth management services. Awarded Best of Show at FinovateAsia 2017 in Hong Kong and at FinovateAfrica 2018 in Cape Town. Founded in 2016. Headquartered in Singapore.

Launched docuseries, Behind the Robo. Named a major player in the robo-advisory market by The Business Research Company. Worked with Standard Chartered Bank Kenya to help them launch their new money market fund offering.

Dreams

Won Best of Show for its engagement banking platform that offers a unique way to engage customers and responsibly expand revenues. Awarded Best of Show at FinovateSpring 2021. Founded in 2014. Headquartered in Stockholm, Sweden.

Awarded Best of Show at FinovateEurope 2022. Partnered with fellow Finovate alum Mastercard to deliver sustainable banking products for financial institutions. Named to The Fintech 250.

Horizn

Won Best of Show for its platform that helps banks accelerate digital banking knowledge, fluency, and adoption. Awarded Best of Show at FinovateFall Digital 2020 and FinovateEurope 2020 in Berlin, Germany. Headquartered in Toronto, Canada. Founded in 2011.

Partnered with fellow Finovate alum ebankIT to support financial institutions undergoing digital transformation. Powered the new digital learning platform launched by Pacific Western Bank. Awarded Best of Show at FinovateSpring 2022.

Infocorp

Won Best of Show for its Mobile Native app that brings hyper-personalized experiences for every user in one single bank app. Founded in 1994. Headquartered in Montevideo, Uruguay.

Partnered with TESOBE to help banks in Latin America leverage open banking to build better, more customer-centric apps and services.

Long Game

Won Best of Show for its gamified finance app that helps banks acquire new customers and increase engagement with their Millennial and Gen Z customers. Headquartered in San Francisco, California. Founded in 2015.

Acquired by Truist Financial.

Ocrolus

Won Best of Show for its intelligent automation technology that transforms documents into data analytics, helping lenders make timely, high quality credit decisions. Founded in 2014. Headquartered in New York City.

Raised $80 million at a valuation of $500 million. Partnered with fellow Finovate alum Blend to bring automation to the mortgage process.

PwC

Won Best of Show for its Customer Link solution that turns customer data into smarter action and provides a 360 degree view of your customers. Founded in 1845. Headquartered in New York City.

In partnership with Microsoft, teamed up with Finovate alum FintechOS to build a digital banking solution.


Who will take home the trophies this year at FinovateFall 2022? Join us in New York next month as we showcase upwards of 60 innovative fintech companies – all vying for the title of Best of Show.


Photo by Wendy Wei

FinovateFall 2022 Sneak Peek: TreviPay

FinovateFall 2022 Sneak Peek: TreviPay

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

TreviPay is the global B2B payments and invoicing network empowering trade networks for enterprises to SMBs in 32 countries in 19 currencies.

Features

  • Deepen customer relationships and loyalty
  • Drive revenue for SMB Banking with a sound and customizable risk structure
  • Simple go-to-market, no software integration required

Why it’s great

Grow small business banking, drive revenue and customer loyalty with the first payments network built for banks and their small business customers.

Presenter

Rissi Lovern, SVP, Head of Small Business Markets
Rissi Lovern delivers innovative payment solutions by leading global credit and lending risk. Her experience includes launching new lending products and risk management techniques.
LinkedIn

FinovateFall 2022 Sneak Peek: Quilo

FinovateFall 2022 Sneak Peek: Quilo

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

Quilo empowers financial institutions to provide digitally, instant installment loans that can be syndicated at the time of underwriting.

Features

  • Banks and credit unions can provide digitally, instant installment loans
  • System can syndicate any individual personal loan if needed
  • Syndication automatically occurs at time of underwriting

Why it’s great

Automatically syndicating an individual personal loan at the time of underwriting is revolutionizing. Quilo is proven to help more lenders provide more loans to more people than ever before.

Presenters

Don Shafer, Co-Founder & Chief Evangelist
Shafer has previously co-founded three other fintechs: Kasasa, BancLeasing and Banking Solutions and received E&Y Entrepreneur of the Year Award in 2011.
LinkedIn

Boris Fuzayloff, Co-Founder & CEO
Boris Fuzayloff is the Co-Founder & CEO of Quilo. Experienced hands-on senior technologist with a track record in leading technology teams that successfully deliver emerging technology solutions for the key transformational initiatives in leading financial services firms.
LinkedIn