“Can a BaaS startup survive a dispute with its lead investor over the very metrics that justified its valuation?”
Founded 2018 as 'Wise' and rebranded Solid in 2021, the company positioned itself as the 'AWS of fintech' — a BaaS layer offering banking, payments, cards, and crypto via APIs for fintechs and vertical SaaS companies. It raised ~$81M and hit a $330M valuation on the back of a $63M FTV-led Series B in August 2022. Within a year lead investor FTV sued to claw back its $61M, alleging the founders had misrepresented revenue and churn; a counter-suit followed. The business did not recover and filed Chapter 11 in April 2025, winding down to three employees — one of the clearest casualties of the 2023–2025 BaaS reckoning alongside Synapse.
Solid was founded by Arjun Thyagarajan and is founded in 2018, headquartered in Palo Alto, California (previously San Mateo).
Solid has raised ~$81M in total (latest round: Series B, August 2022; valuation: $330M (August 2022)).
Get a read on where your own stack stands against Solid and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.