The Berlin fintech Solaris receives 96 million euros from investors. In the future, the startup will manage ADAC’s credit cards.
The fintech Solaris receives a large amount of money from investors. Solarisbank
The Berlin fintech Solaris receives 96 million euros from investors. The Series F financing round is led by SBI Group and other existing investors, as the startup reports. Solaris wants to use the funds, among other things, to secure the ADAC credit card program.
In September 2022, the fintech secured a long-term contract as a co-branding partner of the ADAC. In the future, the startup wants to manage the service provider’s more than 1.2 million credit cards. It was only in November 2023 that Solaris prevailed against an instruction from the financial regulator Bafin. The authority had demanded a significant reduction in the startup’s customer deposits. The measure was based on concerns about inadequate control systems and capital resources, it said.
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Solaris claims to be Europe’s leading embedded finance platform. The company was founded in 2015 and acts primarily as a service provider for other companies by making its infrastructure and banking license available to offer financial products such as credit cards or loans. Today, the fintech employs more than 750 people at ten locations in Europe and India and will generate net sales of around 130 million euros in 2022. Solaris also wants to use the new capital to strengthen core capital and improve the resilience of the platform, the company says.
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