German fintech Solaris has secured €96 million in a Series F funding round led by SBI Group and other existing investors.
The current round consists of €96 million in additional capital and a financial guarantee of up to €100 million capital equivalent. Last July, the firm had raised €38 million in the first close of its Series F round, which was led by existing backers and used to “strengthen” its governance and compliance.
The fundraising follows a turbulent few years for the fintech firm, facing losses of €56 million in fiscal year 2022. The company, which had signed on major deals including a long-term co-branded credit card contract with Europe’s largest motorist association, the General German Automobile Club (ADAC), was reportedly struggling to raise new funds, part of which would be used to make an upfront payment to ADAC.
However, with the requisite funding now in hand, Solaris plans to onboard the ADAC credit card program, strengthen its core capital and invest in the resilience of its platform. In line with its five-year strategy, the company is now setting its sights on achieving profitability and focus on core vertical markets and provide products within cards, accounts and lending.
“This is a significant milestone for Solaris on our path to sustainable, profitable growth,” said Carsten Höltkemeyer, CEO of Solaris, adding that “2024 heralds a bright new chapter for Solaris and we are committed to delivering on our business priorities, enhancing the product offering for our partners and making regulatory compliance our USP”.
Founded in 2015 and headquartered in Berlin, Solaris is a banking and EMI-licensed tech company that employs more than 750 people at ten locations in Europe and India.
