FinTech Solaris closes $41m funding round

By Gloria Methri

European embedded finance platform Solaris has raised €38 million ($41.7m) in its Series F round, led by existing investors. Solaris plans to use the funds primarily to strengthen governance and compliance and lay the foundation for the company’s next phase of growth.

“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,” said Carsten Höltkemeyer, CEO of Solaris.

The company’s 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.

In parallel, there are changes in the Solaris board. Chief Operating Officer Chloé Mayenobe has decided to take on new professional challenges and will leave the company as of July 31. The position will not be refilled.

“It has been a unique opportunity to be part of Solaris’ journey to become Europe’s leading embedded finance platform. I would like to thank all Solarians for providing a continuous energy that was contagious in carrying out my responsibilities,” said Mayenobe.

Solaris operates in a large addressable market with a compound annual growth rate of about 25% and a revenue pool in Europe of up to €35 billion by 2027. As the acceptance of embedded finance broadens, Solaris asserts its pole position in the FinTech space, tapping into established corporates and large ecosystems with best-in-class product offerings.

In recent months, several high-profile and international brands have joined Solaris’ platform, including the General German Automobile Club (ADAC), Paycell, and Jimdo.