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BaaS provider Solaris secures €96m in extended Series F round

By Gloria Methri

March 21, 2024

  • ADAC
  • Credit Card Program
  • Embedded Finance
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Solaris, Germany, Banking-as-a-service, FinTech, Europe, embedded financeSolaris, a European embedded finance platform, has signed its Series F round led by SBI Group and other existing investors. The current round consists of EUR 96 million in additional capital and a financial guarantee of up to EUR 100 million in capital equivalent.

Solaris will use the funds to onboard the ADAC (Allgemeiner Deutscher Automobil-Club) credit card program, strengthen its core capital and invest in the resilience of its platform.

Carsten Höltkemeyer, CEO of Solaris, said, “We are committed to delivering on our business priorities, enhancing the product offering for our partners and making regulatory compliance our USP. I am proud of our team, which is passionate about defending and extending our market leadership. Together, we will now build a new Solaris.”

The funding round was led by SBI Group, one of Solaris’ early strategic investors, and will enable the delivery of the ADAC migration. In September 2022, Solaris secured a long-term agreement to become ADAC’s co-branding credit card partner, issuing more than 1.2 million credit cards going forward. In July 2023, the company closed its first round of Series F funding at EUR 38 million, also led by existing investors, with the funds being used to strengthen governance and compliance and navigate the challenging market environment.

In line with its five-year strategy, the company is entering a new chapter dedicated to achieving profitable growth and focusing on core vertical markets. As international brands seek an entry point to begin their embedded finance journey, Solaris’ product offering will centre on providing accessible and scalable products: cards, accounts, and lending.

Ramin Niroumand, Chairman of Solaris’s Supervisory Board, said, “Since its inception, Solaris has set a new industry benchmark, laying a foundational infrastructure driving embedded finance in Europe. The ADAC deal and fresh capital injection are proof of Solaris’s successful transformation, reaffirming investors’ confidence in the company’s future strategy.”

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