Startup Solid Financial Technologies Inc. today announced that it has secured a $63 million funding round led by FTV Capital.

The Series B round also included the participation of venture capital firm Headline, which led Solid’s previous Series A raise in October 2020. The startup’s valuation is now reportedly five times higher than at the time of the Series A investment. 

Solid operates a cloud-based platform that makes it easier for companies to develop financial technology, or fintech, services such as mobile banking apps. Additionally, the startup’s platform provides the ability to embed fintech capabilities into existing applications.

As part of its feature set, Solid offers tools that companies can use to create consumer and business checking accounts for their users. A mobile banking startup, for example, could use the Solid’s platform to power the account management section of its app’s interface. Solid’s platform also enables companies to hold cryptocurrency for users, as well as process digital asset transactions.

Alongside its other capabilities, Solid’s platform provides the ability to issue payment credits. The platform can be used to issue credit, debit and prepaid cards that feature a company’s corporate branding. Solid also offers related features for managing tasks such as setting spending limits. 

Building a fintech service from scratch can take years because the process involves complex technical requirements, such as the need to implement extensive cybersecurity controls. According to Solid, its platform significantly speeds up the development process. The platform’s features are accessible through application programming interfaces that can be integrated into a company’s software with a limited amount of custom code. 

Another task that Solid promises to ease is software maintenance. Developing financial technology services often requires producing a significant amount of custom code that must be regularly updated over time as requirements change. Solid’s platform reduces the amount of custom code that developers must write, which means there are fewer software components to maintain.

Occasion of its latest funding round, Solid disclosed today that its customer count and revenues have grown by a factor of 10 over the past year. The startup didn’t share absolute revenue numbers. However, it did detail that the combined value of the transactions processed through its platform reached $2 billion in the past year.

“Solid is meeting a real market need for modern fintech infrastructure, delivering a best-in-class platform that encompasses technology, compliance and everything in between,” said FTV Capital Partner Robert Anderson.

Solid says that its platform powers more than 100 fintech projects for customers. To expand its customer base, the startup plans to establish a presence in more market segments including construction, the gig economy, healthcare and education. 

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