Solaris raises €38m in funding to strengthen governance and compliance
European embedded finance platform Solaris has secured €38 million in the first close of its Series F funding round led by existing investors.
Solaris raises €38m in Series F funding
The company says it will use the funding to strengthen its governance and compliance, as it looks to chart a path towards growth and profitability.
Founded in 2015, Berlin-based Solaris enables businesses, including non-financial companies and fintechs, to offer financial services to their customers, via API integrations. In December of 2022, a year that “put Solaris to the test”, the company refreshed its management board for the new year, linked to a new target operating model.
As part of the shake-up, Carsten Höltkemeyer was appointed as CEO of Solaris, and Chloé Mayenobe, who joined the company and the management board at the beginning of 2022, was appointed as chief operating officer (COO).
Now, in further changes to the board, Mayenobe will be leaving the firm on 31 July, with Solaris deciding not to refill the position.
Progress and future plans
Sharing the company’s progress, Höltkemeyer says that over the last few months, the company has “invested in the resilience of our platform, we are consistently hitting our monthly targets, and we have now secured the planned capital increase”.
Claiming Solaris is still in the early stages of its strategy, Höltkemeyer adds that the next steps for the firm include integration of Contis (a BaaS player acquired by Solaris) into its platform. This will be accompanied by a further reduction of complexities and a focus on core products, reflecting the company’s ambitions of becoming a “performance-driven company with a sustainable run-rate profitability”.
