Solid, which offers APIs to integrate banking, payments, and crypto features, raised a $63M Series B led by FTV Capital, bringing its total funding to $80.7M
Solid, which rebranded from Wise in 2021, raised a $63 million Series B round of funding to continue providing its fintech …
Context & Ripple Effects
Solid started life as Wise, raising a $12M Series A in late 2020 on the pitch that companies could offer business bank accounts to their own customers, then rebranded in 2021 as it broadened into banking, payments, cards, and crypto APIs.
This $63M Series B, led by FTV Capital, lifted total funding to $80.7M — a round that reads very differently in hindsight, since FTV later sued the company and Solid filed for Chapter 11 in April 2025, citing the "costly" litigation.
First-order effects
- Solid gets roughly tripling of its capital base to push its banking-and-crypto API platform further into market, while FTV Capital takes the lead-investor seat and the board-level influence that comes with it.
- FTV's lead position concentrates governance power over Solid in one fund — the same relationship that later produced the lawsuit driving the bankruptcy filing.
Second-order effects
- Rival bank-modernization platforms such as Amount, which had just raised a $99M Series D at a $1B+ valuation to help banks compete with fintechs, face a better-capitalized competitor for the same bank partnerships.
- Investors pricing banking-as-a-service deals begin weighing compliance and litigation exposure alongside growth, since crypto-facing API products carry regulatory costs that can consume a balance sheet.
Third-order effects
- The arc from this round to FTV's lawsuit and Solid's Chapter 11 shows how investor-founder legal disputes can become terminal events for venture-backed fintech infrastructure companies, not merely setbacks.
- If that pattern holds, late-stage fintech rounds shift toward harder governance terms and founders treat investor selection as a solvency risk, reshaping how banking-as-a-service platforms get funded and controlled.
The trend: Banking-as-a-service API providers drew large rounds during the 2021-22 fintech funding wave, but the sector's economics proved fragile enough that even an $80M-backed player like Solid ended in bankruptcy within three years.