Germany-based banking as a service platform solarisBank announced on Tuesday it secured €60 million through series C investment round, which was led by HV Holtzbrinck Ventures with participation from Vulcan Capital, Samsung Catalyst Fund and Storm Ventures.
Founded in 2016, solarisBank claims to be the first Banking-as-a-Service platform with a full banking license that enables companies to offer their own financial products. The platform revealed:
“Through APIs, partners gain access to solarisBank’s modular services including payments and e-money, lending, digital banking as well as services provided by integrated third party providers. Through this, solarisBank creates a highly developed technological banking ecosystem for fintechs and established digital companies, as well as banks and corporates.”
Speaking about the platform’s growth and development, Dr. Roland Folz, CEO of solarisBank, stated:
“Our partners are continuously improving their offerings and expanding their reach with our strong financial tech products. We are the leading platform for Banking-as-a-Service in Europe and are excited that this exceptional group of new investors will now be part of our journey. I am very proud of the commitment and passion of our employees, they made this success possible.”
solarisBank further revealed that its revenues have doubled each year since 2017, the team has grown to more than 300 employees with 52 nationalities, and large, “high-potential” partner brands have joined the platform.
“The continuous product innovation at solarisBank supported the vigorous growth to more than 400.000 end-customer accounts as at the end of the first half of 2020. Furthermore, the subsidiary ‘solaris Digital Assets’ aims to drive the adoption of crypto and other digital assets. The series C funding will help extend the product and tech platform, growing solarisBank’s team and expanding internationally. It will also strengthen the regulatory capital base.”
solarisBank then added that including this series C round, it has raised more than €160 million in total over the past four years.