solarisBank in €56.6 million funding round
A Germany-based Banking-as-a-Service (BaaS) platform, solarisBank, has completed a Series B funding sound, raising €56.6 million.
The existing investors Arvato Financial Solutions, a unit of Bertelsmann, and Japanese group SBI, have also joined this round.
The newly raised funds will help solarisBank expand internationally. It is already active in seven countries and has over 60 corporate clients using its banking platform.
solarisBank claims to be the first banking platform with a full banking licence. Its BaaS concept enables companies to offer their own financial products from solarisBank and also those of third-party providers, via APIs. It targets fintechs, banks, corporates and established digital companies with its “highly developed banking ecosystem”.
In addition to digital banking and card services, it offers its corporate clients financial and credit services, as well as payment and escrow services – all accessible via APIs.
It has passporting rights across all European Union states.
Since its creation in 2016, it has raised more than €92 million.