BaaS leader Solaris announces fresh €96m funding to expand its tech platform


Solaris SE, a frontrunner in the BaaS industry, has successfully completed a €96 million Series F funding round.

According to Tech EU, this round was led by SBI Group alongside other existing investors, marking a significant milestone in Solaris’s journey with total funding surpassing €450 million. This funding round not only involves a hefty capital injection but also includes a financial guarantee that could reach up to €100 million in capital equivalent.

Established in 2015, Solaris has been at the forefront of the BaaS market. The company’s innovative approach is built on a proprietary modular B2B technology stack and a scalable licensing system. This robust foundation enables Solaris to empower a wide array of partners, ranging from large, global non-financial corporations to cutting-edge fintechs, in delivering bespoke, customer-focused financial services.

Presently, Solaris, with its banking and EMI licenses, operates a vast network employing over 750 individuals across ten different locations in Europe and India. The tech giant reported net revenues of €130 million in 2022, reflecting its strong market position and operational success.

The new funds are earmarked for several strategic initiatives aimed at bolstering Solaris’s market position. Among these is the onboarding of the ADAC (Allgemeiner Deutscher Automobil-Club) credit card program, a move that will significantly enhance its product offering. Additionally, the capital will be utilised to strengthen the company’s core capital and invest in the resilience of its platform. This strategic allocation of resources underscores Solaris’s commitment to delivering scalable and accessible financial products, including cards, accounts, and lending solutions, to its partners and clients.

Noteworthy is the emphasis Solaris places on regulatory compliance, which CEO Carsten Höltkemeyer highlights as a unique selling proposition (USP). “This is a significant milestone for Solaris on our path to sustainable, profitable growth. The funding underlines the high level of confidence our investors have in the transformation of our company. 2024 heralds a bright new chapter for Solaris. We are committed to delivering on our business priorities, enhancing our partners’ product offerings, and making regulatory compliance our USP. I am proud of our team, which is passionate about defending and extending our market leadership. Together, we will now build a new Solaris,” Höltkemeyer said.

Ramin Niroumand, Chairman of the Supervisory Board of Solaris, also shared his thoughts, “Since its inception, Solaris has set a new industry benchmark, laying a foundational infrastructure driving embedded finance in Europe. Carsten and his team are leading the company through a challenging market and have proven the resilience of the Solaris business model. The ADAC deal and fresh capital injection are proof of Solaris’s successful transformation, reaffirming investors’ confidence in the company’s future strategy.”

Before this Series F round, Solaris’s total funding had already exceeded €450 million, demonstrating the strong investor confidence and the company’s robust growth trajectory.

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