solarisBank announces €60m investment injection to accelerate its growth

Maria Nikolova

The oversubscribed Series C funding, in which BBVA has participated, will allow for an accelerated expansion of solarisBank’s Banking-as-a-Service market presence in Europe.

German technology company with a banking license solarisBank today announced a fresh €60 million investment injection to enable it to continue its growth plans.

The oversubscribed Series C funding, in which BBVA has participated, will allow for an accelerated expansion of solarisBank’s Banking-as-a-Service market leadership in Europe. The funding round will be led by HV Holtzbrinck Ventures with participation from Vulcan Capital, Samsung Catalyst Fund and Storm Ventures. Around half of the funding is contributed from existing investors, led by Yabeo, with additional contributions from BBVA, SBI Group, ABN Amro, Global Brain, Hegus and Lakestar.

Founded in March 2016, solarisBank’s API-accessible financial tech-products are tailored towards the needs of the high-growth market for contextual banking, in which customers are offered services adapted to their particular circumstances and needs. solarisBank reports that its revenues have doubled each year since 2017, with the team having grown to 310 employees with 52 nationalities, and large, fast-growing partner brands have joined the platform.

solarisBank has also expanded its product portfolio over the last two years. In addition to further digital banking services, a new KYC (Know-Your-Customer) unit was established as well as the subsidiary solaris Digital Assets.

The series C funding will help solarisBank in developing its tech platform, growing its team and expanding internationally. It will also strengthen the regulatory capital base.

BBVA joined the series B funding round in March 2018, in line with its commitment to support disruptive innovation in the financial services industry. Back then, the bank stated its investment was driven by its belief that banking-as-a-service, facilitated through open APIs, would be an important market changer for the sector.

Read this next

Institutional FX

Invast Global ramps up its offering with 10 soft commodity CFDs

Sydney-based prime-of-prime provider Invast Global has expanded its offering with the addition of ten soft commodity CFDs, which increases their index and commodity CFD offering to 35 instruments.

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

Crypto Insider

Shining the Light in Crypto’s Dark Places

Something changed in regulators’ minds after the November crash of the FTX crypto exchange.

Executive Moves

Financial Commission Adds Sam Low to Dispute Resolution Committee

The Financial Commission (FinaCom PLC), a dispute resolution service that caters to the financial services industry, has appointed Sam Low as the newest member of its Dispute Resolution Committee (DRC).

Digital Assets, Uncategorized

De-facto owner of Bithumb exchange arrested in South Korea

South Korean prosecutors have arrested Kang Jong-Hyun, the anonymous chairman and owner of the country’s largest cryptocurrency exchange, Bithumb, on charges of embezzlement and stock manipulation.

Retail FX

Interactive Brokers volumes snap three-month losing streak

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes rose in January, an indication that investor confidence in the financial markets is rebounding after having been fairly mixed over the past few months.

Digital Assets

VVF invests $5 million in Everscale, a potential Layer 2 solution for Venom blockchain

“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Institutional FX

FXSpotStream volume ends string of declines on January rebound

Trading volumes on institutional FX platforms surged in January as traders increased their bets on central bankers’ policy with evidence mounting that inflation and economic growth are both losing momentum.

Industry News

DeFi firm Aurox launches SEC-compliant crowdfunding campaign on tZERO

“This is a great opportunity for us to raise capital from our community and the broader public on a leading fully regulated platform. We are confident that the tZERO Markets platform will provide us with the exposure and reach we need to attract a diverse investors to support our business growth.”

<