- Solaris Discontinues Major EMI Operations: German embedded finance platform Solaris announced it will discontinue significant parts of its Electronic Money Institution (EMI) business, formerly known as Contis, which holds an EMI license in Lithuania.
- Redundancies Expected: The decision is part of a broader reorganisation, leading to layoffs within the EMI team.
- Challenging Market Conditions: Solaris CEO Carsten Höltkemeyer cited difficult market conditions, loss of key partners, and unsustainable profitability as reasons for scaling back EMI operations.
- Acquisition and Funding: Solaris acquired Contis in 2021 after a €190 million Series D funding round and raised an additional €96 million in a Series F round in 2023.
- Regulatory Fines: Contis was fined €840,000 by the Bank of Lithuania in November 2022.
- Commitment to Employees and Partners: Solaris stated it remains committed to supporting affected employees and meeting partner and regulatory obligations.
Solaris to “discontinue major parts” of EMI business
