German Digital Only Bank solarisBank Secures €56.6 Million Through Series B Funding Round; Participants Include BBVA, Visa, & Lakestar

solarisBank, a German digital-only bank, announced on Thursday it has successfully secured  €56.6  million through its Series B funding round. Participants from the round include current investors Arvato Financial Solutions and SBI Group, renowned global companies BBVA, Visa, Lakestar and ABN AMRO’s Digital Impact Fund (DIF) have joined the circle of investors.

Founded in 2016, solarisBank describes itself as a banking platform that empowers finance pioneers. The company has notably built an API-accessible platform to provide companies with modular building blocks to innovate in finance. Backed by company builder Finleap, solarisBank claims to be one of the first fintech companies with a full banking license. Since its debut, the company revealed it has established its “banking as a platform” concept internationally. solarisBank is currently active in seven countries. In addition, nearly 60 corporate clients are currently using the banking platform. This number is expected to increase to over 100 corporate clients by the end of the year. Roland Folz, CEO solarisBank AG, stated:

“With our banking platform concept, we are shaping the future of the financial services industry. Our innovative approach has convinced industry leaders from both the finance and technology sectors to utilise the series B round as an opportunity to be a part of our business model and growth story. I am thrilled and inspired by the potential for further co-operations in Germany, as well as in international markets, that we can approach together with these strong partners.”

solarisBank reported the newly raised funds will support further growth, the continued development of its digital platform and product portfolio, as well as further geographic expansion. Gerrit Seidel, Chairman of the Supervisory Board and founding investor via yabeo capital, then added:

“We are very pleased to have brought on board these first-class global investors from the payment, banking and financial investment sectors. They will support solarisBank’s development into a truly global banking platform, while not affecting the company’s independence or neutrality.”

 

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