Solid who claims,

Starting Banking as a Service Firm (Earlier called Wise) has applied for Chapter 11 to protect the bankruptcy, according to documents Filed in the bankruptcy court of the United States to Delaware County on April 7.

Founded in 2018, Fintech has raised a total of nearly $ 81 million in funding from investors such as FTV Capital and title. Firm it was worth $ 330 million As of August 2022 according to Pitchbook when he announced A round of Serie B funding of $ 63 million Led by FTV.

Palo Alto Solid -based worked with Fintech and vertical SAAS companies and offered banking, payments, cards and cryptocurrency products through easy -to -integrate API. The company is advertised as “AWS of Fintech” and Claimed in August 2022. That he has grown 10 times revenue, doubled his customers to 100 and became profitable. It is now in the process of attempting to restructure or sell, according to the documents.

“After looking at all the options, we decided that the voluntary restructuring of Chapter 11 was the best course,” co-founder Arjun Tiagarajan told TechCrunch. “We are optimistic that the sales process fueled by the court will attract the right buyer, which will lead to a positive result for the company, customers and shareholders. Solid intends to continue to manage its business in the usual course through this process.”

Solid failed to raise more capital than its last round of funding and “confronted significant and expensive court disputes,” according to bankruptcy documents.

In 2023, the solid was targeted at a A case filed by an investor from the B FTV Capital Serieswhich was trying to get the investment of $ 61 million.

FTV Capital claims, among other things, that solid co -founders Thyagarajan and Raghav Lal “lied to FTV about the company’s revenue, customers and businesses as a whole and further mislead FTV.” The company also wanted to resign Thyagarajan and Lal.

The co -founders of the start -ups pushed back, fiting FTV and his partner Robert Anderson. In it, they described FTV as an “aggressive private capital company” and claimed that “the moment its investment is no longer profitable (the company was) resorting to fictional claims of fraud, threats and strong armed tactics to try to return its money.”

According to bankruptcy, the FTV court dispute was dismissed in April 2024, “with prejudice by an agreement reached by the parties.”

At the date of the petition, Solid stated that its capital structure consists of an unsecured trade debt for a total value of approximately $ 760,000 with a “limited amount of current revenue” and approximately $ 7 million in cash available with approximately $ 2 million from non -liquid reserve accounts. He claims that there are only three employees now.

The company has applied for bankruptcy according to Subsection VWhich requires a short time for the submission of reorganization plans and allows more flexibility when negotiating plans for restructuring with creditors.

Solid is not the first start -up Baas to apply for bankruptcy. Last April, Synapse known Filed for Chapter 11Hoping to sell its assets when selling a fire of $ 9.7 million to another Fintech, Tabapay. But Tabapai was walkingS

One thing that both start -up companies had in common? Evolve Bank & Trust was a partner bank. More special, another Fintech – Mercury – recently stated that it ended his relationship With Evolve.

Fintech Business Weekly’s Jason Mikula and RK | Consultants Posted for the bankruptcy of X. According to Mikula, the 20th largest unsecured Solid lenders include Amazon (AWS), FS Vector, Visa, Plaid, Trulio, Spade and a number of law firms.

TechCrunch turned to FTV for comment, but had not heard during writing.