Japanese financial conglomerate SBI has agreed to pay €100 million for a stake of more than 70% in struggling German Banking-as-a-Service platform Solaris, according to Bloomberg.
Solaris has also secured money from Boerse Stuttgart Group and existing investors, bringing the total funds raised to about €150 million, says Bloomberg, citing a source.
“A group of investors and partners have developed a coordinated financing concept that has been submitted to our shareholders for approval,” a Solaris spokesman tells Bloomberg.
Solaris was valued at $1.6 billion in 2021. Last March it raised €96 million in a Series F funding round and secured a financial guarantee of up to €100 million capital equivalent to help it to deliver on a major contract with motor association Adac.
Since then the Berlin-based firm has flogged its Engage business in the UK to Suits Me and laid off a third of its 700-strong workforce.