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Solaris raises EUR 38 million in funding round

Wednesday 12 July 2023 07:18 CET | News

Embedded finance platform Solaris SE has announced the raise of its EUR 38 million in Series F funding round to strengthen governance and compliance.

Following this announcement, the company will use the funds in order to strengthen and improve its governance and compliance, as well as to start its process of development. 

According to the press release, the company aims to integrate Contis in the near future, in order to enhance and to develop its technology and suite of services. Moreover, Solaris plans to further reduce its complexities and to keep its focus on meeting the needs, preferences, and demands of customers with its products. 

 

Embedded finance platform Solaris SE has announced the raise of its EUR 38 million in Series F funding round to strengthen governance and compliance.

Solaris’ strategy of development 

Embedded finance platform that has a proprietary modular B2B tech stack and a scalable licensing system, Solaris offers its partners and clients multiple tools and financial services. The company had several product launches and collaborations in the last couple of months, covering numerous geographic areas around the world. 

The Germany-based company published a research in March 2023, which showed that more than a third of Europeans are most likely to choose to engage with financial services from transport providers. The article offered multiple examples, such as Italian customers that are eager to try embedded financial solutions, with 61,8% mentioning that they are open to payment cards, e-money or bank accounts, as well as credit options. Millennial clients from the same region were keen to use the products, as 68,9% stated their willingness to leverage at least one of them. The second strongest market was Spain, with 51,3% of customers being ready to use at least one embedded financial product from a transport provider. 

Earlier in February 2023, UK-based fintech tell.money announced that it integrated its Gateway solution into the platform of Solaris. Following the partnership, through the tell.money Gateway tool, Solaris was given the possibility to benefit from cloud-based API technology, which was capable of offering rapid integration. Furthermore, it was both scalable and secure, delivering PSD2-compliant APIs, safe consent management, and regulatory reporting. 

The German Federal Financial Supervisory Authority (BaFin) announced in January 2023 the decision to tighten its regulations of Solaris, as well as to execute bank for multiple digital financial institutions, banks, and fintechs. 

As per the information published in the press release, BaFin had to approve every new Solaris client (institutions, not the end customers). The institute was subject to authorisation with regard to new partnerships and continued to do so until further notice. The technical service provider was set to get approval from BaFin before it could take on new users, as the already existing partners were not affected. This represented Solaris’ strategy of making its suite of solutions and its platform as reliable and secure as possible for clients and collaborators. 


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Keywords: funding, investment, mobile banking, online banking, digital banking, banking
Categories: Banking & Fintech
Companies: Solaris
Countries: Europe
This article is part of category

Banking & Fintech

Solaris

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