German Banking-as-a-Service platform Solaris has successfully raised €140 million in its Series G funding round. This significant investment was led by SBI Group alongside its existing client, Boerse Stuttgart Group, with further support from various investors and strategic partners.
With this funding, SBI Group is set to become the majority shareholder of Solaris. The company was valued at $1.6 billion in 2021. Earlier this year, Solaris secured €96 million in a Series F funding round and obtained a financial guarantee of up to €100 million to fulfill a crucial contract with the motor association ADAC.
Recently, the Berlin-based firm has taken strategic steps including the sale of its Engage business in the UK to Suits Me and has reduced its workforce by one-third, laying off approximately 233 employees from its staff of 700.
Carsten Höltkemeyer, CEO of Solaris, commented on the funding, stating, “The completion of our Series G funding is a pivotal moment that concludes a two-year transformation process, laying a strong foundation for our ongoing growth. This new capital will not only sustain our operations until we achieve profitability but will also enhance our ability to capitalize on market opportunities and develop a robust core capital base.”