Visa, BBVA lead €56.6mn funding round for solarisBank
The startup became the first b...
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.
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.
Ericsson: 5G will be fastest adopted mobile generation in hi
Ericsson’s June Mobility Report projects that nearly 600 million 5G subscriptions will be active by the end of 2021, making it the fastest adopted mobile generation in history.
The longer range forecast is for around 3.5 billion 5G subscriptions and 60 per cent 5G population coverage globally by the end of 2026.
China, the US, Korea, Japan and the GCC (Gulf states) will lead deployment, with Europe lagging behind. The latter got off to a slower start and has been mired in infrastructure battles over the provenance of hardware.
North East Asia is expected to lead 5G deployment with an estimated 1.4 billion subscriptions by 2026, while North America is expected to account for the highest 5G subscription penetration.
Key findings of the Ericsson Mobility Report, June 2021
5G remains on track to become the fastest adopted mobile generation in history with subscriptions increasing at a rate of about a million per day
China, North America and the Gulf Cooperation Council markets are leading the way on subscriber numbers, while Europe is off to a slow start
5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021
5G ready for 'advanced use cases'
Fredrik Jejdling, executive vice president and head of networks, Ericsson, said, “We are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea. Now is the time for advanced use cases to start materialising and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”
Photo credit: Ericsson