Solid, which claimed to be the ‘AWS of fintech,’ files for bankruptcy after raising nearly $81M in funding

Banking-as-a-service startup Solid (formerly called Wise) has filed for Chapter 11 bankruptcy protection, according to documents filed in the United States Bankruptcy Court for the District of Delaware on April 7. Founded in 2018, the fintech company had raised a total of nearly $81 million in funding from investors such as FTV Capital and Headline. Solid was valued at $330 million as of August 2022, according to PitchBook, when it announced a $63 million Series B round of funding led by FTV. Palo Alto-based Solid worked with fintech and vertical SaaS companies and offered banking, payments, cards and cryptocurrency products via easy-to-integrate APIs. The company touted itself as “the AWS of fintech” and claimed in August 2022 that it had grown 10x in revenue, doubled its customers to 100 and became profitable. It is now in the process of trying to restructure or sell itself, according to the documents. “After considering all options, we’ve decided that a voluntary Chapter 11 restr ... Read full article.