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Home » Solid, which positioned itself as the AWS of Fintech, files for bankruptcy after securing almost $81 million in funding.
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Solid, which positioned itself as the AWS of Fintech, files for bankruptcy after securing almost $81 million in funding.

3 Mins Read
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Solid Files for Chapter 11 Bankruptcy Protection

Banking startup as a service Solid (formerly known as Wise) has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Delaware district on April 7, 2023.

Overview of Solid’s Journey

Founded in 2018, Solid, a banking-as-a-service startup, secured nearly $81 million in funding from prominent investors such as FTV Capital. The fintech company reached a valuation of $330 million in August 2022, following a successful Series B funding round of $63 million led by FTV.

Product Offerings and Growth Claims

Based in Palo Alto, Solid focused on offering fintech solutions, including banking APIs, payment processing, cards, and cryptocurrency products. The company branded itself as “the AWS of fintech” and boasted a tenfold increase in revenue, doubling its customer base to 100, and achieving profitability by August 2022.

Chapter 11 Bankruptcy Filing

Amidst financial struggles, Solid decided to pursue voluntary restructuring under Chapter 11. Co-founder Arjun Thyagarajan expressed optimism about the court’s sales process attracting a suitable buyer, ensuring a positive outcome for the company, its customers, and shareholders, while planning to maintain ongoing operations during the restructuring.

Legal Challenges and Disputes

The company faced significant issues in raising additional capital and was embroiled in expensive legal disputes. In 2023, it became the target of a lawsuit by Series B investor FTV Capital, which sought to recover a $61 million investment, alleging fraud by Solid’s co-founders regarding the company’s revenue, customer retention, and overall financial health.

Counterclaims and Company Position

Solid’s co-founders countered these allegations, accusing FTV of using intimidation tactics once the investment turned unprofitable. They described FTV as an “aggressive investment capital company” attempting to recover its funds through unfounded fraud claims. According to bankruptcy filings, the dispute was ultimately dismissed in April 2024.

Financial Standing and Future Outlook

At the time of filing for bankruptcy, Solid reported a total commercial debt of approximately $760,000, limited operating income, and about $7 million in cash reserves, with only three employees remaining. The company sought Chapter 11 relief under Sub-chapter V, which allows for expedited reorganization plans and more flexibility in creditor negotiations.

Industry Context and Previous Bankruptcies

Solid’s bankruptcy is not an isolated incident within the banking-as-a-service (BaaS) sector. Notably, Synapse filed for Chapter 11 in April, attempting to sell its assets for $9.7 million to another fintech, Tabapay. Additionally, Evolve Bank & Trust, a partner bank for both Solid and Synapse, has been involved in these challenging scenarios for fintech startups, highlighting broader issues in the industry.

Creditor Landscape and Expert Commentary

According to Fintech Business Weekly’s Jason Mikula and RK | Consultants, Solid’s largest non-secured creditors include major corporations such as Amazon (AWS), Visa, and Plaid. These developments underscore the complexities facing fintech startups in a competitive and demanding environment. TechCrunch sought comments from FTV Capital but had not received a response at the time of publication.

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Stamford investment firm secures $52 million for New York fintech startup

September 17, 2025

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September 16, 2025

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