SCOOP: Another BaaS platform bankruptcy (yes, it involves troubled Evolve Bank & Trust)
BaaS platform Solid declares bankruptcy; it had partnered with Evolve Bank & Trust, CBW Bank & Lewis & Clark Bank.
What we know:
Solid memorably was sued by its own investors, FTV, who accused the company of manipulating revenue numbers during its Series B fundraise. The matter was ultimately settled with Solid buying back FTV's stake at a 56% discount.
Solid and Evolve have also been embroiled in lawsuits stemming from Solid's relationship with EZBanc, an entity with links to a convicted Russian money launder.
Suits stemming from the EZBanc relationship accuse Solid and Evolve of fraud, negligence, and breach of fiduciary duty, among other allegations.
Now, the company is seeking Chapter 11 bankruptcy protection, according to a petition filed in U.S. Bankruptcy Court in Delaware on Monday, April 7th.
oh look, another #fintech bankruptcy involving Evolve Bank & Trust.
some other fun places Evolve has popped up:
1. issuer of #FTX and #BlockFi debit cards (before those companies blew up and customers lost all their money)
2. #GeorgeSantos and #AndyOgles […]
[Original post on universeodon.com]