Japanese financial giant SBI is set to invest €100 million for a majority stake exceeding 70% in Solaris, a German Banking-as-a-Service company facing challenges, as reported by Bloomberg.
Solaris has attracted additional funding from Boerse Stuttgart Group and existing investors, raising the total capital to approximately €150 million, according to Bloomberg’s sources. A spokesperson for Solaris confirmed that “a group of investors and partners have devised a coordinated financing plan that has been submitted for shareholder approval.”
In 2021, Solaris was valued at $1.6 billion. The company successfully raised €96 million in a Series F funding round last March, alongside securing a financial guarantee of up to €100 million to fulfill obligations related to a significant contract with the motor association ADAC.
Recently, the Berlin-based firm has made strategic decisions, including the sale of its Engage business in the UK to Suits Me and reducing its workforce by a third, impacting approximately 700 employees.