Embedded finance platform Solaris has raised €38 million in the first close of its Series F equity finance round.
Raised from existing investors, the new funding follows a testing period for Solaris, which last year rebranded from its initial positioning as a neo bank under the solarisbank monicker as part of a wider organisational overhaul that also saw a reshuffle of the management board under new CEO Carsten Höltkemeyer.
Says Höltkemeyer: “Over the last few months, we have been working hard on our priorities. We invested in the resilience of our platform, we are consistently hitting our monthly targets, and we have now secured the planned capital increase. The strong commitment of our shareholders is a testament to our strategy and the dedication of our employees.”
The company closed the fiscal year with net revenues of €130 million, a growth of 30 percent compared to the previous year, but a loss of €56 million. A planned IPO in Q3 2022 was abandoned as the new management team took steps to address the changed market conditions.
“Despite the good progress we have made, we are still in the early stages of implementing our strategy," says Höltkemeyer. "Our next milestone will be the integration of Contis in order to exploit the full potential of our technology and product platform. This will be accompanied by further reduction of complexities and focus on our core products. Solaris will become a highly efficient and performance-driven company with a sustainable run-rate profitability.”