solarisBank, the first banking platform to be fully regulated by the FCA with a banking license, has successfully completed a Series B investment round, gaining another €56.6m in funding. Current investors Arvato Financial Solutions and SBI Group renewed their stakes, with BBVA, Visa, Lakestar and ABN AMRO’s Digital Impact Fund (DIF) joining them.
Since being founded in 2016, the German company has established its banking-as-a-service (BaaS) internationally, and is currently active in seven countries. Nearly 60 corporate clients use the banking platform, including digital bank Penta, with this number expected to increase to over 100 clients by the end of 2018.
solarisBank offers clients both the technology and the banking license needed to create various financial services and products, allowing customers to bypass regulatory obstacles. Its product portfolio currently spans three lines, including digital banking and cards services, financial and credit services, and payment and escrow services – all accessible via API.
The newly raised capital will be used to support further growth for the BaaS platform, including the continued development of its digital platform and product portfolio as well as further global expansion. After its initial seed and Series A funding rounds closed at €12.2m and €26.3m respectively, solarisBank has now raised a total of over €95m in the past two years.
“With our banking platform concept, we are shaping the future of the financial services industry,” said Dr. Roland Folz, CEO of solarisBank. “Our innovative approach has convinced industry leaders from both the finance and technology sectors to utilise the Series B round as an opportunity to be a part of our business model and growth story.
“I am thrilled and inspired by the potential for further co-operations in Germany, as well as in international markets, that we can approach together with these strong partners.”