Fintech
Fintech Company Solaris Receives 96 Million Euros from Investors
Solaris secured €96 million in Series F funding led by SBI Group and existing investors. The funds will support the ADAC credit card program. The fintech company employs more than 750 people at ten locations in Europe and India and will generate net sales of around 130 million euros in 2022. Solaris also plans to use the new capital to strengthen its core capital.
The Berlin-based fintech company Solaris has received 96 million euros from several investors. The Series F financing round is being led by the SBI Group and other existing investors, the startup announced. Solaris plans to use the funds, among other things, to secure the ADAC credit card program.
In September 2022, the fintech company secured a long-term contract as a co-branding partner of the ADAC. In the future, the startup wants to manage the service provider’s more than 1.2 million credit cards.
It was only in November 2023 that Solaris prevailed against an order from the financial regulator Bafin. The authority had demanded a significant reduction in the startup’s customer deposits. The measure was based on concerns about inadequate control systems and capital resources, it said.
Solaris claims to be Europe’s leading embedded finance platform
The company was founded in 2015 and acts primarily as a service provider for other companies by making its infrastructure and banking license available to offer financial products such as credit cards or loans.
At the moment, the fintech company employs more than 750 people at ten locations in Europe and India and will generate net sales of around 130 million euros in 2022. Solaris also plans to use the new capital to strengthen its core capital and improve the resilience of the platform, the company said.
__
(Featured image by Stephan Widua via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Microsoft Start. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
-
Crypto1 week ago
RWA Tokenization Is Taking Off + 3 Ways to Get Exposure Now!
-
Impact Investing2 days ago
Moneyfarm Assets Exceeded 5 Billion, +26% Assets Invested in Sustainable Portfolios
-
Business2 weeks ago
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Partners.io Affiliates]
-
Markets5 days ago
Markets Surge Amid Geopolitical Tensions, Debt Worries, and Chinese Stimulus