Solarisbank, a Germany-based banking software provider, secured €190m ($224m) yesterday in a series D round backed by financial services firm BBVA at a valuation of $1.6bn.
The round was led by multi-family office Decisive Capital Management, with contributions from Pathway Capital Management, Ilavska Vuillermoz Capital, Yabeo Capital, Vulcan Capital, HV Capital and CNP, a subsidiary of financial holding company Groupe Frère-Bourgeois.
Founded in 2016, Solarisbank provides a software platform that enables businesses to develop and offer their own financial services and products, including digital bank accounts, payments, cards, digital asset custody, identification and lending services. It recently entered France, Italy and Spain, where it will offer local International Bank Account Numbers to its partners.
Solarisbank concurrently announced the acquisition of Contis, a UK-based provider of digital banking and payments services, with Contis CEO Peter Cox to take a senior adviser role at the company. The deal is expected to support market expansion and the growth of its product offering.
The company secured $67.3m in a July 2020 series C round featuring consumer electronics producer Samsung’s Catalyst Fund and financial services firms BBVA, SBI Group and ABN Amro, the latter investing via its venture capital arm, ABN Amro Ventures.
The 2020 round valued Solarisbank at $360m post-money and was led by HV Capital and also backed by Vulcan Capital, Storm Ventures, Yabeo Capital, Global Brain, Hegus and Lakestar.
Solarisbank had previously received $70m in a 2018 round featuring BBVA, SBI, Arvato Financial Solutions, ABN Amro’s Digital Impact Fund, payment services firm Visa and Lakestar.
FinLeap, Hegus and Yabeo Capital provided $13.5m in seed funding for the company in 2016 and returned the following year for a $28m series A round co-led by SBI and Arvato Financial Solutions, a financial services vehicle managed by media group Bertelsmann, that included banking group UniCredit.