Solaris raises EUR 96 million in funding

Berlin – 19.03.2024. Solaris SE, Europe's leading embedded finance platform, today announced the signing of 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 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.

This is a significant milestone for Solaris on our path to sustainable, profitable growth. The funding underlines the high level of confidence our investors have in the transformation of our company. 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. I am proud of our team, which is passionate about defending and extending our market leadership. Together, we will now build a new Solaris. Carsten Höltkemeyer, CEO of 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, Solaris 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 5-year strategy, Solaris is entering a new chapter dedicated to achieving profitable growth and placing a focus on core vertical markets. As international brands seek an entry point to begin their embedded finance journey, Solaris' product offering will center on providing accessible and scalable products: cards, accounts and lending.

Since its inception, Solaris has set a new industry benchmark, laying a foundational infrastructure driving embedded finance in Europe. Carsten and his team are leading the company through a challenging market and have proven the resilience of the Solaris business model. The ADAC deal and fresh capital injection are proof of Solaris's successful transformation, reaffirming the confidence of investors in the company's future strategy. Ramin Niroumand, Chairman of the Supervisory Board of Solaris

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About Solaris

Solaris is Europe's leading embedded finance platform. Solaris’ proprietary modular B2B tech stack and scalable licensing system empowers its partners – from large global non-financial companies to innovative fintechs – to offer unique, customer-centric financial services. Providing seamless experiences to customers across all industries. Founded in 2015, Solaris pioneered the Banking-as-a-Service market with an unparalleled combination of tech and banking services. Today, the banking and EMI-licensed tech company employs more than 750 people at ten locations in Europe and India, with net revenues of EUR 130 million in 2022.

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