Visa, BBVA lead €56.6mn funding round for solarisBank
Leading financial players Visa and BBVA have led a €56.6mn funding round for Berlin-based fintech company solarisBank.
The startup became the first banking platform to secure a full banking license, securing further significant investment from Visa, BBVA and other original investors including Arvato Financial Solutions and SBI Group in its latest funding round.
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solarisBank offers its banking as a service platform to its customers, enabling other businesses to offer compliant financial and digital services to their end-customers.
“Our innovative approach has convinced industry leaders from both the finance and technology sectors to utilise the series B round as an opportunity to be a part of our business model and growth story,” said Roland Folz, CEO, solarisBank AG. “I am thrilled and inspired by the potential for further co-operations in Germany, as well as in international markets, that we can approach together with these strong partners.”
The capital will aid the company’s expansion plans and continued product development, with the new investors expected to accelerate this.
“We are very pleased to have brought on board these first-class global investors from the payment, banking and financial investment sectors,” said Gerrit Seidel, Chairman of the Supervisory Board at solarisBank. “They will support solarisBank's development into a truly global banking platform, while not affecting the company's independence or neutrality.”
In total, the company has now raised over €95mn over the course of the past three years.