Solarisbank

Solaris (formerly known as Solarisbank) offers a banking-as-a-service (BaaS) platform through a set of APIs (over 400 as of July 2023) for FinTech developers to build consumer products. Solaris offers a range of banking services, such as digital banking and card management, lending services, payments, and know-your-customer (KYC) solutions. It also offers a digital assets infrastructure platform to embed scalable crypto services for end-users, and security brokerage tools for on-exchange and off-exchange trading.

The company acquired peer BaaS platform provider Contis in July 2021, for an undisclosed sum (subsequently approved by regulators in January 2022). Solaris intended to leverage the acquisition to spread its operations further across Europe and enter Asia.

Key customers and partnerships

As of July 2021, Solaris worked with around 50 companies, which included challenger banks, business banking providers, trading apps, and crypto startups, among others. In December 2020, Solaris became the first German bank to migrate its core banking system, digital products, and databases to the cloud. The company claimed to be growing at 40-60% annually as of July 2021, and managed around 2 million end customer accounts. 

Solaris partnered with viafintech GmbH (a subsidiary of British payments platform Paysafe), a barcode-based payment infrastructure provider, in December 2021, to expand its digital banking infrastructure. Through the partnership, Solaris’s user were able to provide end customers with over 20,000 cash deposit and withdrawal points across Europe. 

Funding and financials

Solaris’ net revenues reportedly grew 30% YoY in 2022 to reach EUR 130 million (USD 143.3 million); however, it was yet to turn profitable (having experienced a EUR 56 million [USD 61.8 million] loss). The company raised EUR 38 million (USD 41.8 million) in Series F funding in July 2023, at a USD 1.6 billion valuation ( similar to its valuation in July 2021 ), to invest in strengthening governance and compliance to develop and expand the company further.