German Banking Platform Solarisbank Announces European Expansion Plans

 

Germany-based banking as a service platform solarisBank is reportedly planning to expand its services in Europe this upcoming year. CEO of the banking group, Roland Folz, revealed to Reuters that he and his team will be working on getting the solarisBank products in a string of new European markets in 2021.

As previously reported, 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 explained:

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.”

Folz revealing the expansion effort plans comes less than six months after the banking group raised €60 million through its Series C investment round, which was led by HV Holtzbrinck Ventures with participation from Vulcan Capital, Samsung Catalyst Fund and Storm Ventures. At the time, Folz 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.”

While speaking to Reuters, Folz shared that he and his team want to grow with their existing partners and ensure that they may spread their business and value proposition across Europe. Folz then added:

“The ambition level could be higher. The opportunity is there to build a substantial financial powerhouse for any of the big techs out there.”

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