German Banking-as-a-Service provider, Solaris, has raised €140m in a Series G funding round, with Japanese financial conglomerate SBI Group leading the investment alongside existing client Boerse Stuttgart Group.
Several other investors and strategic partners also participated, providing equity-supportive measures, according to Finextra.
As part of the investment, SBI Group will acquire a majority stake in Solaris, marking a significant shift in the company’s ownership structure. Solaris was previously valued at $1.6bn in 2021.
The Berlin-based firm offers Banking-as-a-Service (BaaS) solutions, enabling companies to integrate financial services into their platforms.
Its offerings include digital banking, payments, lending, and compliance solutions, allowing businesses to offer financial products without needing a banking licence.
The fresh funding will support Solaris in maintaining operations until it reaches profitability. Additionally, the company plans to use the capital to strengthen its core capital base and accelerate market opportunities.
Over the past year, Solaris has undergone significant restructuring. In March 2023, the company raised €96m in a Series F round and secured a financial guarantee of up to €100m in capital equivalent to fulfil a major contract with German automobile association ADAC. However, it has since sold its UK-based Engage business to Suits Me and reduced its workforce by one-third, cutting down from 700 employees.
“The securing of our Series G funding marks the successful completion of a two-year transformation journey, providing the foundation for our continued growth,” Solaris CEO Carsten Höltkemeyer said. “This fresh capital will not only support our operations until we reach profitability but will also accelerate our ability to seize market opportunities and build a strong core capital base.”
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