It may be considered a great success in light of Covid and other market turbulences, proving the sustainability of solaris´ busines model as a banking-as-a-service provider for Corporates, Fintechs and Tech-Companies. Please also see the links below on the recent press coverage today, among others from Handelsblatt, finanz-szene.de and Techcrunch.
solarisBank, Europe’s leading Banking-as-a-Service platform, raises EUR 60 million in series C round to further accelerate growth
Berlin, 30/06/2020 – solarisBank AG, the technology company with a full banking license, today announced a EUR 60 million series C funding. The funding round will be led by HV Holtzbrinck Ventures with participation from Vulcan Capital, Samsung Catalyst Fund and Storm Ventures. The strength of the round was further confirmed with around half of the capital raised from pre-existing investors, led by yabeo, alongside BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus and Lakestar.
“solarisBank is continuing its impressive growth and the current financing round will help us to expedite building a pan-European platform. Our partners are continuously improving their offerings and expanding their reach with our strong financial tech products. We are the leading platform for Banking-as-a-Service in Europe and are excited that this exceptional group of new investors will now be part of our journey. I am very proud of the commitment and passion of our employees, they made this success possible”, says Dr. Roland Folz, CEO of solarisBank AG.
Since being founded in March 2016, solarisBank has become a household name in the field of Banking-as-a-Service. Its API-accessible financial tech products are tailored towards the need of the high-growth market for contextual banking. solarisBank’s revenues have doubled each year since 2017, the team has grown to 310 employees with 52 nationalities, and large, high-potential partner brands have joined the platform.
“The financial world is in the midst of a digital transformation. solarisBank is the go-to platform when it comes to contextual banking and a driving force of European fintech innovation. We strongly believe in the vision and the team of solarisBank and are very happy to be part of this exciting journey”, says Barbod Namini, Partner at HV Holtzbrinck Ventures.
“The achievements of the team over the past four years are truly impressive. We are pleased to join forces with this renowned group of investors”, says Dr. Gerrit Seidel, founding investor of solarisBank via yabeo, with a substantial follow-on investment in this round.
Besides growing its revenues, team size and customer base, solarisBank recently expanded its product portfolio with innovative digital banking and payment services, such as decoupled debit cards and a post purchase installment product called “Splitpay”. The continuous product innovation at solarisBank supported the vigorous growth to more than 400.000 end-customer accounts as at the end of the first half of 2020. Furthermore, the subsidiary “solaris Digital Assets” aims to drive the adoption of crypto and other digital assets. The series C funding will help extend the product and tech platform, growing solarisBank’s team and expanding internationally. It will also strengthen the regulatory capital base.
“I am delighted to welcome all new investors who will support us to accelerate our growth. This funding round is proof of our successful business model and the underlying strategy. Congratulations to Roland Folz and his entire team”, says Dr. Birte Sewing, Chairwoman of the Supervisory Board and Managing Director of finleap.
Including this series C round, solarisBank has raised more than EUR 160 million in total over the past four years. As is customary for funding rounds in the banking sector, closing of the funding round is subject to regulatory approval. The round was supported by Deutsche Bank as Private Placement Agent.
More information about solarisBank is available at www.solarisbank.com.
Additional Links:
handelsblatt.com/finanzen/banken-versicherungen/fintech-solarisbank-sammelt-60-millionen-euro-bei-investoren-ein/25960780.html