SolarisBank Snaps Up €60m Funding For BaaS-Ic Instinct

SolarisBank Snaps Up €60m Funding For BaaS-Ic Instinct

Germany’s solarisBank has raised €60 million funding in a Series C round to boost its Banking-as-a-Service (BaaS) aspirations.

The round was led by HV Holtzbrinck Ventures with “considerable commitment” from founding investor yabeo. Further new investors are Vulcan Capital, Samsung Catalyst Fund and Storm Ventures.

Half of the capital raised came from pre-existing investors – BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus and Lakestar. Including this Series C round, solarisBank has raised more than €160 million in total over the past four years.

Dr. Roland Folz, CEO of solarisBank, says the latest financing will “help us to expedite building a pan-European platform”.

There are no specific numbers or countries, but the funding will be used for its product and tech platform, more staff, expanding internationally, and strengthening its regulatory capital base.

solarisBank was founded in March 2016 and offers “API-accessible” financial tech products for contextual banking. The company says revenues have doubled each year since 2017, and its team now stands at 310 employees with 52 nationalities.   

It’s been a busy bunny. It recently unveiled “decoupled” debit cards and a post purchase installment product called “Splitpay” with the help of American Express. The firm has more than 400,000 end-customer accounts as at the end of H1 2020.

Earlier this month, mobile banking platform Vivid Money energetically powered up in Germany with the assistance of Visa and solarisBank.



Author: Antony Peyton 
Source: https://www.fintechdirect.net/2020/06/30/solarisbank-snaps-up-e60m-funding-for-baas-ic-instinct/



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