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Solarisbank raises EUR190m; buys Contis

Solarisbank raises EUR190m; buys Contis

Berlin-based banking-as-a-service platform Solarisbank has set its sights on conquering Europe after raising EUR190 million in a Series D funding round at a EUR1.4 billion valuation and buying UK outfit Contis.

The round was led by Decisive Capital Management, with participation from Pathway Capital Management, CNP (Groupe Frère), Ilavska Vuillermoz Capital, yabeo Capital, BBVA, Vulcan Capital and HV Capital.

Founded in 2015, Solarisbank helps companies offer their own financial services - such as digital bank accounts, payment cards, lending services, and digital asset custody - via a host of APIs.

The firm recently migrated its full tech stack to the AWS cloud and moved all partners to its entirely self-developed core banking system.

It has also made a move into France, Italy and Spain, where it will offer local IBANs to its partners.

The Contis acquisition will give the German firm a place in the UK as well as payment processing capabilities. Terms of the deal were not disclosed.

Ramin Niroumand, chairman, supervisory board, Solarisbank, says: "The alliance of our companies follows a clear strategic rationale as the platforms complement each other perfectly. Together we will build an international powerhouse for Banking-as-a-Service."

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