Germany-based banking software provider SolarisBank secured €56.6m ($70m) yesterday in a series B round featuring corporate investors Visa, BBVA, ABN Amro, SBI Group and Bertelsmann.
Payment services provider Visa and financial services firms BBVA, ABN Amro and SBI were joined by Bertlemann’s financial services subsidiary, Arvato Financial Solutions, and venture capital firm Lakestar. ABN Amro took part through its Digital Impact Fund.
Founded in March 2016, SolarisBank has built a digital banking platform that can be used by other businesses to conduct financial services. Users can open bank accounts for clients, issue payment cards and manage online payments.
The company has its own banking license and has signed up almost 60 corporate customers across seven countries. It will put the series B proceeds toward international growth and the expansion of its core platform and product range.
The round brought SolarisBank’s total funding to €95m, it said. The startup raised $28m in a March 2017 series A round co-led by SBI Group and Arvato that included FinLeap, Hegus and Yabeo Capital, all three of which contributed to its €12.2m seed round in 2016.
Roland Folz, SolarisBank’s CEO, said: “With our banking platform concept, we are shaping the future of the financial services industry. Our innovative approach has convinced industry leaders from both the finance and technology sectors to utilise the series B round as an opportunity to be a part of our business model and growth story.
“I am thrilled and inspired by the potential for further co-operations in Germany, as well as in international markets, that we can approach together with these strong partners.”