Banking-as-a-Service infrastructure provider Solid has partnered with Lewis & Clark Bank to improve its onboarding and monitoring process of fintech clients. Through this partnership, Solid aims to accelerate and strengthen its processes, in conformity with Lewis & Clark Bank’s risk and compliance standards.

The collaboration enables fintechs to integrate with Solid’s infrastructure to embed financial services, including banking, payments, and card issuance, according to the bank’s compliance framework. As per officials’ statements, Solid aims to provide a modern fintech infrastructure by seamlessly merging technology and compliance and offering banks a deeper understanding of fintechs. By partnering with Lewis & Clark Bank, the company wants to help fintechs in building and launching, as well as scaling their businesses. Banking-as-a-Service sector According to Mordor Intelligence, the global Banking-as-a-Service (BaaS) providers market is expected to experience significant growth, with the trend forecasted to follow a positive trajectory.

Since the COVID-19 pandemic, consumers have been looking for faster, more convenient, and personalised banking and payment experiences, developing digital-first habits. An IBM study found that approximately 79% of bank executives think that by adopting a platform-based business concept, they will be able to obtain a competitive edge and provide better innovation, profitability, and expansion to new markets. However, even if banks want to innovate their payment processes, their BaaS opportunity awareness is still reduced, with only 11% currently pursuing a BaaS strategy, and 8% being in the process of building a strategy for future use. The increase in BaaS providers is sustained by the continuous growth of online banking users, the pandemic being an accelerator for the adoption of digital banking by retail banks. Globally, the number of users is expected to reach 3.6 billion by 2024.

The global BaaS providers market is dominated by Europe, with Asia Pacific projected to witness lucrative opportunities, due to the development of fintech infrastructure and the increasing focus of government on digital economies. More information about Solid Offering a complete BaaS infrastructure, Solid provides fintechs with a fully integrated and compliant suite of fintech services. The company’s fully managed infrastructure allows businesses to build and launch embedded fintech products. Back in August 2022, Solid raised USD 63 million in a series B funding round led by FTV Capital.

The funding aimed to accelerate Solid’s expansion into fintech-ready verticals, such as travel, logistics, construction, healthcare, education, and the gig economy. About Lewis & Clark Bank Operating in the Pacific Northwest, Lewis & Clark Bank integrates foundational banking materials and risk management practices with the needs of modern fintech and embedded finance. Its objective is to create selective strategic partnerships on a national scale that allow companies to offer financial products and services.

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