Solarisbank, a banking-as-a-service (BaaS) platform provider, has raised EUR 190 million (USD 224 million) in a Series D funding round led by Decisive Capital Management, with participation from Pathway Capital Management, BBVA, and five others. The round values the company at EUR 1.4 billion (USD 1.65 billion; more than quadruple its June 2020 valuation of USD 360 million) and brings its total funding to around EUR 350 million (nearly USD 415 million). 

Along with the funding, the company also announced that it is acquiring its peer BaaS platform provider, Contis, for an undisclosed sum. Contis’s founder, Peter Cox, will support the transition as a senior advisor and shareholder. 

Solarisbank claims the combined entity will generate hundreds of millions of euros in annual revenue, which is substantially higher than the EUR 35 million generated in 2020. The company also intends to leverage the acquisition to spread its operations further across Europe and enter Asia.

Solarisbank (Solaris) offers a BaaS platform through a set of application programming interfaces (APIs) for financial technology (FinTech) developers to build consumer products. Solaris provides 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.