Solarisbank and Contis Group have revealed that they have completed their previously announced partnership has entered into a definitive business combination agreement.

The agreement will result in the creation of a €1.4bn entity operating in the European banking-as-a-service (Baas) market.

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Solarisbank announced the acquisition of Contis in July 2021 to bolster its footprint in the European BaaS space.

Solarisbank CEO Roland Folz said: “It is our declared goal to become Europe’s core bank and the backbone for all customer-centric ecosystems that want to embed financial services seamlessly into their offerings.

“We look forward to entering the next phase of our exciting growth story and are grateful for the trust placed in us by our customers, partners, employees and shareholders.”

Folz will lead the combined firm. Contis CFO Lee Johnstone will lead the company as managing director.

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The combined entity now has over 700 employees at eight locations in Europe and India and its combined net revenue stood at €100m.

Additionally, Solarisbank is looking to prepare for its initial public offering from the third quarter of 2022.

Johnstone said: “With our complementary product sets and geographical coverage, we’re proud to become a complete end-to-end one-stop-shop for fintechs, banks and corporates embedding finance in their offer.

“Together our services cover fiat and crypto assets, lending as well as payments, and card issuing and processing across every EEA geography. Both companies are passionate about innovation, which will continue to be a guiding principle as we plan our expansion beyond Europe.”