German banking platform solarisBank has raised €26.3m in a Series A funding round after just a year in business.
Arvato Financial Solutions, the finance arm of German media giant Bertelsmann and Japanese banking firm SBI Group led the round and will partner with the Berlin-based startup.
Existing backers Yabeo Capital, FinLeap and UniCredit also participated.
solarisBank enables businesses to access digital banking services and integrate them into their own offerings.
The company began operations in March 2016 having received a full banking license and has since brought more than 20 companies onto its platform.
It has also passported its banking license to six other European countries to reach partners around the continent.
solarisBank will partner with Arvato and SBI to further expand its banking platform and access the equity needed to grow its transaction and loan businesses.
Arvato CEO frank Kebsh said: “As a leading provider of cross-border digital financial services, we see the significant technology advancement of a banking platform.
“By cooperating with solarisBank, we are able to significantly strengthen our performance capability for our business partners.”
Through its partnership with SBI the company aims to expand its presence in the Asian market.
SBI Group CEO Yoshitaka Kitao said: “solarisBank’s banking-as-a-platform model provides partners with digital and easy-to-integrate banking services for which we anticipate strong demand from Asia.
“We want to tap into this demand together with our network partners,”
Along with the new funding solarisbank is also shaking up its senior management team including the appointment of former head of Mercedes-Benz-Bank Roland Folz as CEO.
He commented: “I am looking forward to help solarisBank in the further expansion of its business as well as its internationalisation.
“It is an exciting task which offers tremendous potential.”
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