The Series C round valued solarisBank at $360 million.

solarisBank raised €60 million ($67.5 million) in a Series C round led by HV Holtzbrinck Ventures and supported by founding investor yabeo. New investors coming on board are Vulcan Capital, Samsung Catalyst Fund, and Storm Ventures. Existing investors who participated included BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus, and Lakestar. (Finextra)

solarisBank

solarisBank is a platform for banking-as-a-service (BaaS) in Europe. Founded in March 2016, it offers financial technology products to other fintech companies through software known as APIs.

solarisBank describes itself as a technology company. It enables other businesses to offer fully digital and fully compliant financial services to their end customers. It holds a German banking license, and therefore its clients do not need to apply for a banking license.

solarisBank aims to develop its BaaS platform into a global digital ecosystem for financial services: a place where any company can build its own, modern, and scalable banking products.

“The current financing round will help us to expedite building a pan-European platform,” said Dr. Roland Folz, CEO of solarisBank. “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.”

The company will also use the Series C funding to expand its product and tech platform, grow its employee force and strengthen the regulatory capital base.

solarisBank has 70 customers serving 400,000 clients. It has 310 employees and its revenues have doubled each year since 2017.

New initiatives

It recently introduced an innovative product called a decoupled debit card. It’s a debit card that can be linked to any checking or savings account. When the cardholder swipes the card for the purchase, the card issuer pays off the merchant and then charges the cardholder’s bank account via a separate ACH transaction.

solarisBank has also introduced a post-purchase installment product called Splitpay. A merchant, an e-commerce shop, or a digital bank can offer its users a flexible credit line, allowing them to convert their payments into simple installments.

The firm’s subsidiary, solaris Digital Assets, is expanding the adoption of crypto and other digital assets.

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