Banking-as-a-Service (BaaS) platform Solarisbank has raised $224m (€190m) in an oversubscribed Series D funding round. The move increases its valuation to €1.4bn.
Separately, Solarisbank announced the acquisition of a smaller peer Contis to bolster its footprint as a pan-European BaaS leader.
The funding round:
The Series D round was led by Decisive Capital Management.
Several other investors including Pathway Capital Management, CNP (Groupe Frère) and Ilavska Vuillermoz Capital participated in the round. The company’s existing investors led by yabeo Capital as well as BBVA, Vulcan Capital and HV Capital also joined.
The proceeds will be used to further fuel Solarisbank’s expansion.
With this funding, the BaaS platform has raised a total of €350m since its founding in 2016.
Solarisbank CEO Dr Roland Folz said: “In the last 12 months, our passionate team has delivered against key milestones on our ambitious expansion journey.
“The funding is the result of their outstanding work and will further fuel our vision to create a world where financial services seamlessly sync with life.”
What does Solarisbank do?
Founded in 2016, Solarisbank enables other companies to create their own financial services via APIs.
It has a full German banking licence and offers digital bank accounts, payment cards, identification and lending services among others.
Founded in 2008, Contis offers BaaS capabilities to corporates, banks, fintechs, crypto exchanges and insurers.
The completion of the acquisition is subject to regulatory approval.
Once complete, the combined entity will be led by Solarisbank’s CEO Dr Roland Folz. Contis founder Peter Cox will support the transition in a new role as senior advisor and shareholder.
Cox said: “Having already become one of Europe’s fastest growing companies over the last three years, this coming together brings our joint velocity to the next level.
“Solarisbank and Contis share the same vision and values and together we will spearhead the global trend of embedded finance.”
Other recent developments
Last month, Solarisbank completed the transfer of entire customer base to its own core banking system.
Earlier this month, it also announced its expansion to France, Italy and Spain.