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Blockchain Revolution Series: solarisBank AG Announces Mammoth €60 Million Via Series C Funding
solarisBank that happens to be Europe's renowned banking service platform, managed to raise EUR 60 million funding through series C round.
Today, Germany’s banking giant, has announced that they have fetched a mammoth €60 million via series C method to further accelerate the growth, the investment round which has been majorly driven by HV Holtzbrinck Ventures with participation from Vulcan Capital, Samsung Catalyst Fund and Storm Ventures. The strength of the fundraising was further confirmed with around half of the capital raised from pre-existing investors as well, led by yabeo, alongside BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus and Lakestar.
The oversubscribed round will accelerate solarisBank’s Service expansion, cementing its market leadership position in Europe.
It is expected that this funding is likely to expand the product and tech platform, growing solarisBank’s team to the global presence and strengthen the regulatory capital base.
It is founded in 2016 to be the pioneer in banking-as-a-Service platform with a full banking license that enables companies to offer their own financial products.
The platform divulged that: API-accessible financial tech products are tailored towards the need of the high-growth market for contextual banking. solarisBank’s revenues have doubled each year since 2017, the team has grown to 310 employees with 52 nationalities, and large, high-potential partner brands have joined the platform.
The CEO of solarisBank, Dr. Roland Folz, says that "solarisBank is continuing its impressive growth and the current financing round will help us to expedite building a pan-European platform. Our partners are continuously improving their offerings and expanding their reach with our strong financial tech products. We are the leading platform for Banking-as-a-Service in Europe and are excited that this exceptional group of new investors will now be part of our journey. I am very proud of the commitment and passion of our employees, they made this success possible."
The bank enables a vast variety of companies to offer compliant financial services, including globally leading brands as well as fast-growing fintechs.
Furthermore, they recently expanded their product-line with innovative digital banking and payment services, like decoupled debit cards and a post purchase installment product called “Splitpay”. Most importantly, the subsidiary of “solaris Digital Assets” is targeting to drive the adoption of crypto and other digital assets also.