solarisBank bags €56.6m in its latest funding round

German banking platform solarisBank AG has bagged €56.6m in its Series B funding round.

BBVA, Visa, Lakestar and ABN AMRO’s Digital Impact Fund contributed to make their first investments in company, while existing backers Arvato Financial Solutions and SBI Group also took part.

Founded in 2016, the company, which has a full banking license, provides digital banking, card services, credit services, payments and escrow API solutions. solarisBank is used in seven countries and by 60 corporate clients, but this is expected to hit 100 by the end of the year, according to the company.

The company provides banking technology to help other businesses to offer fully compliant financial services for their customers. Companies are able to pick and choose which banking services they want, which include bank accounts, KYC services, algorithmic scoring, transactions, and payment cards, among others.

Current clients include credit portal smava, banking provider Kontist and digital gift card company Moneyou.

With the equity injection, the bank hopes to further its growth and development of its platform and product portfolio. Alongside this, it also hopes to further its geographic expansion.

solarisBank AG CEO Roland Folz said, “With our banking platform concept, we are shaping the future of the financial services industry. Our innovative approach has convinced industry leaders from both the finance and technology sectors to utilise the Series B round as an opportunity to be a part of our business model and growth story.”

The company previously raised a €26.3m Series A last year, with commitments from Arvato Financial Solutions, SBI Group, Yabeo Capital, FinLeap and UniCredit. solarisBank initially picked up €12.2m in its seed round in 2016.

Last month, Germany-based InsurTech platform FinanzRitter closed a ‘significant’ seed investment from Reech Corporations Group.

The biggest FinTech sector in Germany last year was marketplace lending, with it nabbing 39 per cent of the capital invested in the country, according to data by FinTech Global.

Copyright © 2018 FinTech Global

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