Following this announcement, the funding round is expected to come amid reports that Solaris was running out of money and faced the prospect of being sold or ever closure. The fintech has recently made dramatic job cuts amid industry challenges, while reportedly looking for urgent funding as well.
Solaris represents a German technology company with a full banking licence, including e-money and brokerage licences that enable the firm to operate on a pan-European level in all financial areas. With its APIs, customers can embed the company’s fully digital banking solutions directly into their products. The clients can also benefit from cloud-based banking, optimised technology, and data mesh architecture, as well as speed, flexibility, and security.
The German fintech has been urgently seeking fresh investment between EUR 100 million and USD 150 million, as previously reported by Tech.eu. In addition, Solaris had convened an Extraordinary General Meeting (EGM), a hurried shareholder meeting that aimed to find a way to deal with an urgent matter. During the meeting, it was understood that Solaris’ managers and investors discussed whether the funding would be green-lighted.
At the same time, highlighting the situation, a proposal to wind up the unicorn was on the agenda, should the funding not be forthcoming. Solaris did not divulge or mention any specific details of the meeting, or any other terms and conditions for the funding round. The reached agreement is expected to be finalised in the following days.
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