Solaris raises €38m after closing 2022 on a loss
The German fintech has now around €400m, according to PitchBook.
Embedded finance platform Solaris, formerly known as Solarisbank, has just secured €38m Series F.
The German fintech, which serves clients including American Express, Coinbase and Samsung, plans to use the fresh funds to strengthen its governance and compliance as it moves into its next phase of growth.
The “first close” of its Series F funding round was led by existing investors, following an inside round of €40m, according to TechCrunch, and a €190m Series D in 2021 which also saw it acquire rival Banking-as-a-Service provider Contis.
“Despite the good progress we have made, we are still in the early stages of implementing our strategy,” Solaris CEO Carsten Höltkemeyer said.
“Our next milestone will be the integration of Contis in order to exploit the full potential of our technology and product platform.”
Höltkemeyer added this will be alongside “further reduction of complexities” and a focus on the company’s core products.
Having ended 2022 with net revenues of €130m, Solaris saw year-on-year growth of 30 per cent but an overall loss of €56m.
According to the company, the results from the first half of the year show the business model “can already operate profitably”.
The fintech’s board is also having a reshuffle as it loses its chief operating officer Chloé Mayenobe at the end of the month and will not be filling the position.