Solid Financial Technologies, Inc. provides a platform that enables banks and companies to offer embedded banking, payments, and card products with built-in compliance and security features. By streamlining the onboarding and monitoring processes for FinTech partnerships, Solid addresses the challenges of regulatory adherence and operational efficiency in the financial services sector.
Funding
$80.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
FCFounders
Product
Problem
Many companies face challenges in offering embedded banking, payments, and card products due to the complexities of regulatory compliance, security requirements, and operational overhead. Banks also struggle to efficiently onboard and monitor FinTech partnerships while adhering to their risk and compliance standards.
Solution
Solid Financial Technologies provides a platform that enables both banks and companies to offer embedded finance products, including banking, payments, and card solutions, while maintaining robust compliance and security. The platform streamlines the process of launching and scaling FinTech offerings by providing tools for due diligence, onboarding, and ongoing monitoring. Solid's solution allows partner banks to onboard compliant FinTech partnerships, facilitating real-world testing and go-to-market strategies with built-in controls and automation. This enables businesses to unlock new revenue streams and growth opportunities within the FinTech ecosystem.
Target Audience
Solid's primary customers include banks seeking to expand their FinTech partnerships and companies looking to offer embedded finance products to their users.
Features
- Programmatic account opening for business and consumer end-users, including master, sub, checking, cash, and prepaid accounts.
- Customizable payment workflows to move funds in and out of accounts via intra-account transfers, ACH, check, wire, and FedNow (coming soon).
- Modern card issuing capabilities for business spend, consumer debit, and prepaid cards, available in physical and virtual formats with bulk ordering and wallet provisioning.
- Granular controls and limits to build sophisticated guardrails and mitigate risks for banks and FinTechs.
- Comprehensive security program with SOC-2 certification and PCI compliance.
- Timely reconciliation on an immutable ledger for each transaction to ensure accurate account balances.
- Detailed daily and on-demand reporting and advanced business insights.
- Real-time and post-facto monitoring to track and screen each transaction.
- Automation to streamline compliance processes and stay current with regulatory requirements.