Today, German embedded finance platform Solaris SE announced the signing of its €96 million Series F round led by SBI Group and other existing investors. it brings the company’s funding to over €450 million.
The current round consists of €96 million in additional capital and a financial guarantee of up to €100 million capital equivalent.
Founded in 2015, Solaris pioneered the Banking-as-a-Service market with a proprietary modular B2B tech stack and scalable licensing system that empowers its partners – from large global non-financial companies to innovative fintechs – to offer unique, customer-centric financial services.
Today, the banking and EMI-licensed tech company employs more than 750 people at ten locations in Europe and India, with net revenues of €130 million in 2022.
According to Carsten Höltkemeyer, CEO of Solaris:
“This is a significant milestone for Solaris on our path to sustainable, profitable growth. The funding underlines the high level of confidence our investors have in the transformation of our company.
2024 heralds a bright new chapter for Solaris. We are committed to delivering on our business priorities, enhancing our partners’ product offerings, and making regulatory compliance our USP.
I am proud of our team, which is passionate about defending and extending our market leadership. Together, we will now build a new Solaris.”
According to Ramin Niroumand, Chairman of the Supervisory Board of Solaris:
“Since its inception, Solaris has set a new industry benchmark, laying a foundational infrastructure driving embedded finance in Europe. Carsten and his team are leading the company through a challenging market and have proven the resilience of the Solaris business model.
The ADAC deal and fresh capital injection are proof of Solaris’s successful transformation, reaffirming investors’ confidence in the company’s future strategy.”
As international brands seek an entry point to begin their embedded finance journey, Solaris’ product offering will centre on providing accessible and scalable products: cards, accounts and lending.
Solaris will use the funds to onboard the ADAC (Allgemeiner Deutscher Automobil-Club) credit card program, strengthen its core capital, and invest in its platform’s resilience.
Lead image: Solaris. Photo: uncredited.
