Solid, a banking-as-a-service startup, has filed for Chapter 11 bankruptcy after raising nearly $81 million since its founding in 2018. Once valued at $330 million, the company struggled to secure additional capital and faced costly litigation, including a lawsuit from its Series B investor, FTV Capital. Co-founder Arjun Thyagarajan expressed optimism about a court-supervised sale process. Solid's financial woes have left it with approximately $7 million in cash and only three employees. The company aims to restructure while continuing operations during this process.