Solid
Solid offers Banking as a Service (BaaS), Card Issuance, Payments, and Crypto infrastructure, enabling companies to build and launch various financial products. Headquartered in Palo Alto, CA, Solid provides comprehensive developer interfaces and a fully managed BaaS infrastructure, partnering with banks to deliver secure and compliant services.
Services
Solid provides a range of services designed to enable companies to build and launch financial products. Banking as a Service (BaaS) allows companies to offer personal and business deposit accounts. Their Card Issuance and Management platform supports the issuance of physical and virtual cards. Payments as a Service (PaaS) creates unique payment experiences, while Crypto as a Service infrastructure facilitates the storage, buying, selling, and transfer of cryptocurrencies. The platform also supports comprehensive account management, compliance, and operational support.
Products
Solid markets several key products, including banking solutions, card issuance, payment processing, and cryptocurrency infrastructure. The platform's features encompass instant card issuance, dynamic spend controls, Just-in-Time (JIT) funding, and built-in rewards. These products aim at supporting a variety of use cases such as Consumer FinTech, B2B FinTech, Vertical SaaS, and the Gig Economy. Solid also provides best-in-class developer tools including a Dashboard, APIs, Apps, and SDKs to deliver superior user experiences.
History
Initially known as Wise, the company rebranded to Solid in April 2021 coinciding with the public launch of the Solid FinTech Platform. Solid has raised multiple rounds of financing including $5.7 million in Seed funding led by Base10 Partners in February 2020, $12 million in Series A funding led by Headline in October 2020, and $63 million in Series B funding led by FTV Capital in August 2022. From its headquarters at 380 Portage Ave, Palo Alto, CA, Solid has grown to process millions of API calls and billions in transactions.
Sector
Solid operates within the FinTech sector. Their B2B services cater to Consumer FinTech, B2B FinTech, Vertical SaaS, and the Gig Economy. The company leverages Banking as a Service (BaaS), Payment as a Service (PaaS), and Crypto as a Service technologies to offer scalable and secure financial solutions. Their partnerships with various banks facilitate extensive banking, payments, and card issuance capabilities, anchored by robust governance and compliance programs.
Security and Compliance
Security and compliance are critical components of Solid's offerings. The platform employs bank-grade security measures, including encryption and the ACID (atomicity, consistency, isolation, durability) properties to ensure data integrity and security. Solid collaborates closely with sponsor banks to maintain a comprehensive governance and compliance program. This includes complete program management services such as account origination, Know Your Customer (KYC) and Know Your Business (KYB) checks, activation, and customer support, ensuring both security and regulatory adherence.