ADAC Finanzdienste GmbH and Solarisbank AG will cooperate on the ADAC credit card program in the future.
Solaris will “replace Landesbank Berlin (LBB) as co-branding partner for the ADAC credit card in the second half of 2023.” Until then, the partnership with LBB “will continue.” All existing services will “continue to be available to card holders.”
ADAC Finanzdienste GmbH and LBB had “informed in October 2021 that their cooperation in the credit card business would expire and that a new banking partner would take over in 2023.”
All agreements regulating the transition of the cooperation “have now been reached with Solarisbank AG.” This means that the ADAC credit card portfolio “can be handed over to the new co-branding partner.”
In Solaris, the team have “found the ideal partner for the ADAC credit card program, with whom we can seamlessly continue and further develop [their] portfolio.”
The needs of their existing customers “have top priority.” With the modern and powerful platform of their new partner, they “can continue all successful services for [their] members and at the same time further expand the range of services.”
Mahbod Asgari, Executive Board of ADAC SE, said:
“As Europe’s leading provider of Banking-as-a-Service, we are delighted that we have been able to convince our new cooperation partner with innovative processes and solutions and that we will be able to take over the high-quality card offering for ADAC members from 2023. We are convinced that ADAC has enormous potential for the further expansion of contextual banking. Together, we will shape the future of this exciting ecosystem.”
Roland Folz, CEO of Solarisbank AG, remarked:
“For the time being, the transition of the co-branding partner will not result in any changes for the current approximately 1.3 million customers of the ADAC credit card; they will not have to take any action until further notice: The credit cards can still be used and the complete service package – including fuel discounts and insurance benefits – will continue to be available in full, as well as customer service. Together with LBB, ADAC will provide information on the next steps in a timely manner.”
As noted in the update, ADAC SE, headquartered in Munich, is “a stock corporation under European law that offers mobility-oriented services and products for ADAC members, non-members and companies.”
It reportedly “consists of 26 subsidiaries and associated companies, including ADAC Versicherung AG, ADAC Finanzdienste GmbH, ADAC Autovermietung GmbH and ADAC Service GmbH.”
As a growth-oriented market player, ADAC SE is “driving digital transformation across all its businesses, focusing on innovation and future-proof technologies.” In the 2020 financial year, ADAC SE “had around 2900 employees and generated revenue of €1.026 billion.”
Solaris claims it is one of Europe’s leading embedded finance platforms “empowering the future of financial services.”
The tech company “enables businesses to easily provide trusted and innovative financial experiences to their customers.”
Through smart APIs, partners can “embed financial services quickly and compliantly into their own product offerings.”
Solaris is headquartered in Berlin and “employs over 750 people at eight locations in Europe and in India.” Combined net revenue in 2021 “exceeded 100 million euros, representing growth of over 90 percent year-on-year.”