Banking on Success: Solaris Gets More From Backers
Solarisbank is one of the top funded companies in Berlin and a stalwart of the Fintech scene. They are not so much a bank as an “embedded finance platform”. Now they have reported their series F round, getting another €38M mostly from existing investors. At their kind of scale, governance and compliance to regulations is a costly business, and that’s what they say the new money will be used for, which will no doubt create the foundation for the next growth phase. “We invested in the resilience of our platform,” CEO Carsten Höltkemeyer says reassuringly. His priorities are “reduction of complexities and focus on our core products.” In recent months, several high-profile and international brands have joined Solaris’ platform, including the ADAC (the General German Automobile Club), Paycell, and Jimdo. Solaris pioneered banking-as-a-service by providing B2B customers with white-labeled financial services.