Solaris, Europe’s embedded finance platform has taken the difficult decision to discontinue major parts of its Electronic Money Institution business (formerly known as Contis).
Solaris is reshaping into a stronger, “more resilient and agile organization that leads the market with innovative financial solutions.”
As part of this reorganization, the Solaris Management Board has “taken the difficult decision to discontinue major parts of the EMI (formerly Contis) operations, which regrettably will bring redundancies across the EMI team.”
Carsten Höltkemeyer, Solaris CEO said that it had been a challenging time for this segment of he business and they had struggled to sign up new firms and grow revenues as hoped.
“Whilst this decision was extremely difficult to make and considered a last resort, it was necessary to ensure Solaris remains a resilient organization and focused on its path to achieving profitability. Solaris remains fully committed to its partner and regulatory requirements and will support all employees affected by these changes.”
As noted in the update, Solaris claims that it is Europe’s leading embedded finance platform.
Solaris’ proprietary modular B2B tech stack and scalable “licensing system empowers its partners – from large global non-financial companies to innovative fintechs – to offer unique, customer-centric financial services. Providing seamless experiences to customers across all industries.”
Founded in 2015, Solaris supports “the Banking-as-a-Service market with an unparalleled combination of tech and banking services.”
As reported in August of this year, Solaris, Europe’s embedded finance platform is pleased to welcome Bitpanda, Europe’s crypto platform, on its KYC platform.
Bitpanda will leverage Solaris full digital and scalable KYC solution Bankident “to identify customers in Germany.”
This signals a new chapter in “a longstanding partnership between Solaris & Bitpanda, with Solaris acting as issuer and processor for Bitpanda’s debit card program across the European Economic Area.”
Joerg Diewald, Chief Commercial Officer at Solaris said:
“We are proud to be providing our market-leading identification method for Bitpanda. Through using Bankident, Bitpanda will benefit from a secure and compliant solution that enables its customers to seamlessly identify themselves within seconds, which in turn helps to increase conversion rates. Providing scalability to partners is at the heart of Solaris, as we support Bitpanda in its growth journey.”
Solaris provides a multitude of “digital identification service components via RESTful APIs.”
Its KYC platform is fully compliant “with anti-money laundering laws and can be adapted to the specific needs of a company, empowering partners to own the customer journey from start to finish while keeping consistent with corporate branding.”
