European embedded finance platform Solaris secures €38m funding

Solaris, often described as the crown jewel of Europe’s embedded finance platform landscape, today announced the completion of a Series F funding round.

Raising a sum of €38m, Solaris saw considerable support from its existing investors, who led the round. The investment accentuates the unwavering faith these investors hold in Solaris’ growth strategy and its future prospects.

Primarily a FinTech enterprise, Solaris operates as an embedded finance platform. Their proprietary B2B tech stack, in combination with a scalable licensing system, provides their partners – ranging from large global non-financial companies to pioneering fintechs – the means to deliver unique, customer-centric financial services. In essence, Solaris stands as a crucial enabler of seamless customer experiences across a plethora of industries.

The freshly acquired funding is earmarked for fortifying the company’s governance and compliance mechanism. It is also expected to lay a sturdy groundwork for Solaris’ next growth phase, boosting the company’s resilience and scalability.

In the year 2022, Solaris registered net revenues amounting to €130m, a sturdy 30% growth when compared to the previous year. However, a loss of €56m was reported, leading to significant measures being taken to adapt to market changes. The 2023 half-year results affirm the strategic course set and demonstrate the company’s profitable operation capability.

Solaris CEO Carsten Höltkemeyer spoke confidently about the firm’s strategy, “Over the last few months, we have been working hard on our priorities. We invested in the resilience of our platform, we are consistently hitting our monthly targets, and we have now secured the planned capital increase. The strong commitment of our shareholders is a testament to our strategy and the dedication of our employees.”

He further added, “Despite the good progress we have made, we are still in the early stages of implementing our strategy. Our next milestone will be the integration of Contis in order to exploit the full potential of our technology and product platform.”

Solaris is expected to experience changes at the board level with Chief Operating Officer Chloé Mayenobe set to depart at the end of July. She expressed gratitude towards her tenure, stating, “It has been a unique opportunity to be part of Solaris’ journey to become Europe’s leading embedded finance platform. I would like to thank all Solarians for providing a continuous energy that was contagious in carrying out my responsibilities.”

The FinTech firm has successfully tapped into several established corporates and large ecosystems, including the General German Automobile Club (ADAC), Paycell, and Jimdo.

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