Germany’s Solaris bags €96m in Series F funding round
Berlin-headquartered Banking-as-a-Service (BaaS) fintech Solaris has raised €96 million in a Series F funding round led by SBI Group and other previous investors.
Solaris secures €96 million cash injection
Alongside the new cash injection, the German fintech adds it has also secured “a financial guarantee of up to €100 million capital equivalent”.
Solaris says it will use the new funds to onboard the ADAC (Allgemeiner Deutscher Automobil-Club) credit card programme and further invest “in the resilience of its platform”.
The news puts to bed reports from last year that the firm was struggling to raise the required funds to fulfil the deal with ADAC.
Carsten Höltkemeyer, CEO of Solaris, says that the new financing round highlights the fintech’s commitment to enhancing its product offerings and “making regulatory compliance our USP”.
In December 2022, the Federal Financial Supervisory Authority of Germany, BaFin, ordered Solaris to ensure “proper business organisation in the areas of risk management and money laundering prevention” and appointed a special representative to monitor the implementation of the ordered measures.
The company was also told that it needed to gain “supervisory approval” from the regulator before entering into any new business partnerships.
Solaris was also fined €6.5 million earlier this year by BaFin after the regulator claimed that the firm had “submitted suspected money laundering reports late”.
The newly announced funding comes less than a year after the company secured €38 million in the first close of its Series F round.
Founded in 2015, Solaris enables businesses to provide financial services to their customers through API integrations. It currently has a workforce of over 750 staff spread across 10 locations in Europe and India.
