Solaris secures EUR 96 million in Series F funding

With the newly acquired capital injection, Solaris intends to onboard the Allgemeiner Deutscher Automobil-Club (ADAC) credit card programme, while also solidifying its core capital and advancing the resilience of its platform. According to Solaris’ officials, the current announcement represents a significant milestone for the company in its journey to sustainable, profitable growth. The funding also underscores investors’ trust in the company’s transformative capabilities. Throughout 2024, Solaris aims to deliver on its business priorities, improving the product offering for its partners and adhering to regulatory requirements.

Furthermore, the funding round was led by SBI Group, one of Solari’s strategic investors, and is set to allow the delivery of the ADAC migration. The news follows the company’s announcement from July 2023, when it secured EUR 38 million in a Series F funding round, aiming to strengthen governance and compliance. At that time, Solaris planned to further minimise its complexities and maintain its focus on meeting the needs, preferences, and demands of customers with its products. In addition, Solaris follows its five-year development strategy, with the company currently being dedicated to achieving profitable growth and focusing on core vertical markets. Considering that international brands require an entry point to start their Embedded Finance journey, Solaris’ suite of solutions aims to provide accessible and scalable products, including cards, accounts, and lending.

Also, representatives from Solaris underlined that since the start of its operations, the company has been committed to setting a foundational infrastructure to advance Embedded Finance in Europe. The ADAC deal, which was secured in September 2022 and allowed Solaris to become a co-branding credit card partner, paired up with the capital injection to support the company’s expansion strategy.

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