Dr Roland Folz/Solarisbank
Solarisbank bags €190m and acquires rival BaaS provider Contis
The Banking-as-a-Service provider also saw its valuation shoot up to €1.4bn, cementing its status as Europe’s latest fintech unicorn.
Banking-as-a-Service platform Solarisbank has scooped a €190m Series D, showing that fintech funding rounds don’t seem to be slowing down just yet.
The fintech also joins a group of Europe’s most highly valued fintechs, finally securing its unicorn status with a €1.4bn price tag.
Solarisbank’s oversubscribed Series D was led by Decisive Capital Management and saw participation from new investors Pathway Capital Management, CNP (Groupe Frère) and Ilavska Vuillermoz Capital.
Existing investors, including Yabeo Capital, BBVA, Vulcan Capital and HV Capital also topped up their investments in Solarisbank.
“In the last 12 months, our passionate team has delivered against key milestones on our ambitious expansion journey,” Dr. Roland Folz, CEO of Solarisbank said.
“The funding is the result of their outstanding work and will further fuel our vision to create a world where financial services seamlessly sync with life.”
Fresh cash was not the only thing Solarisbank came away with after its latest funding round, Solarisbank has also bagged itself fellow BaaS provider Contis for an undisclosed amount and is still subject to regulatory approval.
“Contis is one of the true fintech trailblazers, with numerous awards to its name and a proven track record of delivering disruptive technology, securely with proven high reliability in the payments space,” Peter Cox, executive chairman and founder of Contis, added.
“Having already become one of Europe's fastest-growing companies over the last three years, this coming together brings our joint velocity to the next level. Solarisbank and Contis share the same vision and values and together we will spearhead the global trend of embedded finance.”
Upon completion of the transaction, Solarisbank’s CEO Dr. Roland Folz will sit at the helm of the joint entity, while Cox will transition to a senior advisor role and shareholder.