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solarisBank AG closes series B round at EUR 56.6 million

Publish date: 08 March 2018
Author: solarisBank

solarisBank, the first banking platform with a full banking license, has successfully brought on board further investors after its series A funding round one year ago.

Four new strategic and financial investors took part in the series B round which raised a total of EUR 56.6 million. Beside renewed investments from current investors Arvato Financial Solutions and SBI Group, renowned global companies BBVA, Visa, Lakestar and ABN AMRO's Digital Impact Fund (DIF) have joined the circle of investors.

Backed by company builder Finleap, solarisBank was one of the first fintech companies with a full banking licence when founded in March 2016. Since then the company has established its “banking as a platform” concept internationally. solarisBank is currently active in seven countries. In addition, nearly 60 corporate clients are currently using the banking platform. This number is expected to increase to over 100 corporate clients by the end of the year.

The product portfolio was expanded within the first two years to include three product lines. Next to its digital banking & cards services, solarisBank also offers its corporate customers financial and credit services, as well as payment and escrow services – all accessible via API. These services are used by companies, such as credit portal smava, ABN AMRO's brand Moneyou, comparison portal Verivox, banking service provider Kontist, and digital gift card company fashioncheque.

The newly raised capital will support solarisBank on its path towards further growth, the continued development of its digital platform and product portfolio, as well as further geographic expansion. All investors have an excellent international profile and bring different strengths which will greatly benefit solarisBank’s future development.

After closing the initial seed and series A funding rounds at EUR 12.2 million and EUR 26.3 million respectively and successfully rounding off series B, solarisBank has raised a total of more than EUR 95 million over the past two years. As is customary for funding rounds in the banking sector, closing of the funding round is subject to regulatory approval.