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

Banking-as-a-Service Startup Solid (Previously Smart) applied for bankruptcy protection on 11 document On April 7, he was presented in the Bankruptcy Court of the United States for Delaware district.

Founded in 2018, the Fintech company, FTV capital and headlines, financed $ 81 million from investors. Solid it was Was estimated at $ 330 million Until August 2022, according to Pitchbook, when declared A number of $ 63 million financial tour Headed by FTV.

Palo Alto-based solid Fintech and Vertical Saas offers banking, payments, cards and cryptoes through APIs that are easily integrated. The company rated itself as “Fintech” and It was alleged in August 2022 In the income, 10x has grown, and twice the customers, and it was profitable. According to documents, it is in this process to rebuild or sell.

“After reviewing all the options, the reconstruction of a voluntary season is the best course,” said a founder Arjun Thyagarajan Techcrunch. “Selling process managed by the court, which causes a positive result for the company, customers and shareholders, is an optimistic that intends to continue working during this period.”

Solid, since the last financing phase and “significant and expensive and expensive and expensive trials” have not been able to grow more capital.

Was a target in 2023 Series B Investor FTV Capital ClaimTrying to get a $ 61 million investment back.

The costume of the FTV capital, between other things, the company’s revenues, the company’s revenues, customer rod and generally deceived FTV. The company also asked Thyagarajan and Dumb.

The beginning of the beginning ftv and his partner rode a counter against Robert Anderson. This described the FTV as the “aggressive private capital company” and claimed that the investment is no longer affordable. ” [the firm was] To refer to claims that try to get back money into the traffic, threatening and strong armed tactics. “

According to the bankruptcy document, the FTV court was fired in April 2024 “with a prejudice under a settlement reached by the parties.”

According to the application date, the capital structure of the strength, about $ 7 million in income, about $ 7 million grain, non-liquid reserve accounts consisted of non-secured trade debts, said. Now claims to have only three employees.

Applied for bankruptcy under the company Subchaptor vIt allows you to create more comfort to the re-introduction of the reconstruction plans and create more flexibility to negotiate the reconstruction plans with creditors.

The first Baas for solid bankruptcy is not the beginning. Last April, as popular Presented for chapter 11Fintech, another Fintech, Tabapay in the sale of $ 9.7 million in the sale of its assets. But Tabapay walked.

Was something partner in both beginners? Evolve was the bank and confidence partner bank. Note that another Fintech – mercury – recently announced that finished his attitude by development.

Fintech Business Weekly Jason Mikula and Rk | Consultants The bankruptcy was reported in X.

TechCrunch reached FTV for comment, but did not hear back during the article.