Solaris SE has announced the first closing of its Series F round, which was driven by existing investors, for EUR 38 million. Solaris will largely utilise the cash to tighten governance and compliance, as well as drive the company’s next phase of growth.
The company ended fiscal year 2022 with net revenues of EUR 130 million, a 30% increase over the previous year, but also incurred a loss of EUR 56 million.
According to Solaris CEO, Mr Carsten Höltkemeyer “Over the last few months, we have been working hard on our priorities. We invested in the resilience of our platform, we are consistently hitting our monthly targets, and we have now secured the planned capital increase. The strong commitment of our shareholders is a testament to our strategy and the dedication of our employees”.
Solaris, founded in 2015, pioneered the Banking-as-a-Service market led by bringing together technological and financial services expertise. Today, the banking and EMI-licensed IT firm employs over 800 individuals across various European and Indian locations.
Solaris operates in a big addressable market with a compound annual growth rate of around 25% and a revenue pool of up to EUR 35 billion in Europe by 2027. As the acceptability of embedded finance grows, Solaris maintains its leadership position in the fintech market by using best-in-class product offerings to tap into established corporates. Several high-profile and multinational businesses, like the General German Automobile Club (ADAC), Paycell, and Jimdo, have joined Solaris’ platform in recent months.