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solarisBank, the German banking-as-a-service fintech, has landed a $67.5 million Series C funding round.<\/p>\n
The round was led by German venture capital (VC) firm HV Holtzbrinck Ventures. Existing backer yabeo – an early-stage German investor – also committed a follow-on investment.<\/p>\n
Other new investors included Vulcan Capital, Samsung Catalyst Fund and Storm Ventures.<\/p>\n
BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus and Lakestar are all investing again.<\/p>\n
The fresh capital puts the fintech at a new valuation of $360 million, according to TechCrunch.<\/p>\n
Customers<\/p>\n
The banking infrastructure company services a host of German fintechs. These include challenger banks Tomorrow, Insha and Vivd.<\/p>\n
They also include trading app Trade Republic, as well as business banking start-ups Penta and Kontist.<\/p>\n
In all, solarisBank works with roughly 70 companies, tapping around 400,000 customers through these partnerships.<\/p>\n
Lead up to investment<\/p>\n
The round began in December before the coronavirus hit Europe.<\/p>\n
“A lot of investors looked at their portfolio companies and the appetite to look at something new was not there,” solarisBank’s CEO, Roland Folz, tells TechCrunch.<\/p>\n
“But everything worked out eventually as around half of the funding comes from existing investors.”<\/p>\n
solarisBank’s strategy and shareholder relations head, Layla Qassim, says the fintech originally sought just $45 million (€40 million).<\/p>\n
Instead, the start-up got an additional $22.5 million. “We were overwhelmed by the interest of investors in spite of COVID-19,” says Qassim.<\/p>\n
Product focuses<\/p>\n
solarisBank, which has a full German banking licence, will continue to focus on regulation and modularity. By modularity, it means offering solutions which can be easily integrated into existing systems.<\/p>\n
The fintech’s solutions span business and consumer lending, digital banking, cards, payments, virtual IBANs, and Know Your Customer (KYC).<\/p>\n
Recently, it launched ‘Splitpay’ with Amercian Express. The new solution allows users to choose a repayment plan with AmEx when buying items on German e-commerce platforms.<\/p>\n
Looking ahead, the fintech wants to launch local IBANs Europe’s most important markets. This would help solarisBank expand across the continent as a banking infrastructure provider.<\/p>\n
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solarisBank, the German banking-as-a-service fintech, has landed a $67.5 million Series C funding round. The round was led by German venture capital (VC) firm HV Holtzbrinck Ventures. Existing backer yabeo – an early-stage German investor – also committed a follow-on investment. Other new investors included Vulcan Capital, Samsung Catalyst Fund and Storm Ventures. BBVA, SBI … Continue reading SolarisBank lands $67.5m in Series C round<\/span><\/a> Continue Reading