Solaris Secures €140M in Series G Funding: Transforming German Banking-as-a-Service Landscape

Solaris Secures €140M in Series G Funding: Transforming German Banking-as-a-Service Landscape

In a significant development for the financial technology sector, German Banking-as-a-Service (BaaS) provider, Solaris, has successfully raised €140 million in its Series G funding round. This funding effort was spearheaded by the renowned Japanese financial conglomerate, SBI Group, alongside existing client Boerse Stuttgart Group and several other strategic partners, as reported by Finextra.

Investment Details

This latest investment marks a pivotal moment for Solaris, as SBI Group will acquire a majority stake in the company, fundamentally shifting its ownership structure. Previously, Solaris was valued at approximately $1.6 billion in 2021.

About Solaris and Its Offerings

Based in Berlin, Solaris specializes in providing Banking-as-a-Service solutions that empower businesses to integrate essential financial services into their platforms. Their comprehensive offerings include:

  • Digital Banking
  • Payments
  • Lending
  • Compliance Solutions

These services allow companies to launch financial products without the complexities of acquiring a banking license, making the process more accessible and streamlined.

Utilization of Funds

The capital raised will play a crucial role in supporting Solaris as it aims to achieve profitability. Key objectives for the funding include:

  1. Maintaining current operations
  2. Strengthening the core capital base
  3. Accelerating market opportunities

Over the past year, Solaris has undergone significant restructuring, including its successful €96 million Series F round in March 2023 and securing a financial guarantee of up to €100 million to fulfill a major contract with the German Automobile Association (ADAC). However, the company has also made tough decisions, such as selling its UK-based Engage business to Suits Me and reducing its workforce by one-third, cutting down from 700 employees.

Leadership Insights

Carsten Höltkemeyer, CEO of Solaris, commented on the funding, stating, “The securing of our Series G funding marks the successful completion of a two-year transformation journey, providing the foundation for our continued growth. This fresh capital will not only support our operations until we reach profitability but will also accelerate our ability to seize market opportunities and build a strong core capital base.”

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For more information about Solaris and their innovative financial services, visit their official website at Solarisbank.

As the fintech landscape continues to evolve, Solaris is well-positioned to leverage this funding to expand its market presence and enhance its product offerings.

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