- Solaris, a Berlin-based Banking-as-a-Service (BaaS) fintech, has raised €96 million in a Series F funding round led by SBI Group and previous investors.
- In addition to the funding, Solaris has secured a financial guarantee of up to €100 million in capital equivalent.
- The new funds will be utilized by Solaris to onboard the ADAC (Allgemeiner Deutscher Automobil-Club) credit card program and to invest further in the resilience of its platform.
- The financing round underscores Solaris’s commitment to enhancing its product offerings and prioritizing regulatory compliance.
- In December 2022, BaFin ordered Solaris to improve its business organization in areas such as risk management and money laundering prevention, appointing a special representative to monitor the implementation of the ordered measures.
- Earlier this year, Solaris was fined €6.5 million by BaFin for allegedly submitting suspected money laundering reports late.
- This funding round follows a previous €38 million raised in the first close of its Series F round less than a year ago.
- Founded in 2015, Solaris enables businesses to offer financial services to their customers through API integrations, with a workforce of over 750 employees across 10 locations in Europe and India.
