Germany-based solarisBank AG has closed its Series C round on €60m, with HV Holtzbrinck Ventures leading the round.
Vulcan Capital, Samsung Catalyst Fund and Storm Ventures also contributed to the round. solarisBank claims that around half of the capital raised in the Series C was from existing backers, including yabeo, BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus and Lakestar.
With the equity boost, the company will increase its product suite, strengthen its regulatory capital base and expand the size of its team. Capital will also be used for global expansion.
solarisBank is a banking-as-a-service platform which has its own full banking license, enabling businesses to offer their own financial products. Its APIs allow clients to implement services including digital bank account and payment cards, identification and lending services and more.
The FinTech claims to have doubled its revenues each year since 2017.
solarisBank CEO Roland Folz said, “solarisBank is continuing its impressive growth and the current financing round will help us to expedite building a pan-European platform.
“Our partners are continuously improving their offerings and expanding their reach with our strong financial tech products.
“We are the leading platform for Banking-as-a-Service in Europe and are excited that this exceptional group of new investors will now be part of our journey. I am very proud of the commitment and passion of our employees, they made this success possible.”
With the close of the Series C, the FinTech platform has raised more than €160m in equity since it was founded in 2016.
Previously, the company raised €56.6m in its Series B back in 2018, with contributions coming from BBVA, Visa, Lakestar and ABN AMRO’s Digital Impact Fund, as well as others.
Germany’s FinTech sector is maturing at a good rate. Larger size deals have become much more common in the country since 2016, FinTech Global data shows.
, there were no FinTech investments over $50m; however, last year 16.2% of the deals completed in Germany were larger than $50m.
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