Banking platform solarisBank raises $67.5 million at $360 million valuation

Regardless of the Wirecard fallout, German fintech startup solarisBank has raised a Sequence C funding spherical of $67.5 million (€60 million). Following as we speak’s funding spherical, solarisBank is now valued at $360 million (€320 million). solarisBank doesn't have any client product straight. As a substitute, it presents monetary providers to different fintech corporations by a set of APIs.

With solarisBank, you possibly can construct a fintech startup and leverage solarisBank’s line of merchandise to do the heavy lifting. It’s an infrastructure firm within the banking house.

Whereas solarisBank won’t be a well-known identify, a few of its shoppers have turn out to be fairly in style. They embody challenger banks, corresponding to Tomorrow, Insha and a newcomer referred to as Vivid, enterprise banking startups, corresponding to Penta and Kontist, buying and selling app Trade Republic, cryptocurrency startups Bison and Bitwala, and many others.

General, solarisBank works with 70 corporations which have attracted 400,000 shoppers in whole.

HV Holtzbrinck Ventures is main the spherical with present investor yabeo committing a considerable follow-on funding. Different new buyers embody Vulcan Capital, Samsung Catalyst Fund and Storm Ventures. Current buyers BBVA, SBI Group, ABN AMRO Ventures, World Mind, Hegus and Lakestar are investing once more.

The corporate began the fundraising course of again in December. As a result of financial prospects, it has been a combined course of. “Numerous buyers checked out their portfolio corporations and the urge for food to have a look at one thing new was not there,” solarisBank CEO Roland Folz informed me. However all the pieces labored out finally as round half of the funding comes from present buyers.

“We initially had been on the lookout for €40 million however we had been overwhelmed by the curiosity of buyers regardless of Covid,” solarisBank Head of Technique and Shareholder Relations Layla Qassim informed me.

solarisBank’s imaginative and prescient could possibly be summed up in two phrases — regulation and modularity. The corporate is a completely licensed financial institution, which signifies that its shoppers don’t have to use to a banking license themselves.

And the startup permits you to choose the modules that you just need to use to your product. Perhaps you’re constructing a cellular cryptocurrency pockets and also you simply need to have the ability to give an IBAN and a debit card to your customers. Perhaps you’re constructing a used automotive market like CarNext and also you need to provide credit score. Perhaps you need to construct a challenger financial institution however handle a selected vertical.

With solarisBank, you possibly can open financial institution accounts and challenge cost playing cards connected to these accounts. You may also challenge playing cards and fix them to a unique account in case you’re integrating with present financial institution accounts. The startup additionally presents varied providers round funds, vouchers, cross-border transactions and extra.

Extra just lately, the corporate launched a brand new function referred to as Splitpay with American Specific. When prospects try on an e-commerce platform in Germany, American Specific prospects will be capable of select a reimbursement plan to pay over a number of months.

solarisBank generates income from its shoppers as they pay to make use of the corporate’s APIs and allow accounts and playing cards. solarisBank additionally collects the interchange charges on card transactions and share income with its shoppers. Equally, solarisBank can provide to share income on credit score pursuits with its shoppers.

Sooner or later, solarisBank plans to make its portfolio of monetary providers much more compelling by introducing native IBANs in an important European markets. It ought to make it simpler to persuade potential shoppers outdoors of Germany to make use of solarisBank as their banking infrastructure.

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