German Banking-as-a-Service platform Solaris has secured a €140 million financing round.
The Series G funding round was led by SBI Group and existing client Boerse Stuttgart Group, with contributions and equity supportive measures from a number of investors and strategic partners.
As part of the Series G round, SBI Group will become the majority shareholder.
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.
"The securing of our Series G funding marks the successful completion of a two-year transformation journey, providing the foundation for our continued growth," says Carsten Höltkemeyer, Solaris CEO. "This fresh capital will not only support our operations until we reach profitability but will also accelerate our ability to seize market opportunities and build a strong core capital base."