Solarisbank turns unicorn raising $224M, announces deal to acquire Contis

At a Glance

Solarisbank attains the unicorn tag after raising €190M ($224M) in an oversubscribed funding round led by Decisive Capital Management. It has also announced that it would acquire Contis to fulfill its aspirations of providing banking-as-a-service across Europe

Banking-as-a-service platform provider Solarisbank has turned unicorn, raising €190 million ($223.7 million) in a Series D funding round at a valuation of €1.4 billion ($1.64 million). Alongside the funding, the company announced its decision to acquire Contis, a European payments fintech, to become a pan-European banking-as-a-service platform.

Decisive Capital Management led the oversubscribed funding. Solarisbank’s previous investment was in 2020, where it netted €60 million in Series C. Adding the latest investment, the company said in a press release that its total funding raised to date crossed €350 million ($412 million). Other and existing investors – Pathway Capital Management, CNP (Groupe Frère) and Ilavska Vuillermoz Capital, Yabeo Capital GmbH, BBVA, Vulcan Capital and HV Capital – participated in the Series D round.

With the close of the acquisition deal, Roland Folz, CEO of Solarisbank, would lead the combined entity of both companies. Commenting on the funding, Mr. Folz stated that it happened due to Solarisbank’s work towards creating a world delivering seamless financial services and added that the entire team in the last 12 months had crossed key milestones in their expansion journey.

Solarisbank, founded in 2016, drives embedded finance by enabling global brands and fast-growing fintech companies to integrate financial services into their product offering via Application program Interface (API). Its platform offers digital bank accounts, payment cards, identification and lending services, digital asset custody and services provided by integrated third-party providers.

Thomas Schlytter-Henrichen, a partner at Decisive Capital Management, opined that today’s customers expect financial services to adapt to their specific needs, for which technology was the solution. Lauding Solarisbank’s solutions, he added,

Technology is the key to enable this transformation and Solarisbank’s powerful Banking-as-a-Service platform positions it perfectly for this new banking era. We are both inspired by the team and thrilled to work together on its mission.

Thomas Schlytter-Henrichen, a partner at Decisive Capital Management

Peter Cox, executive chairman and founder of Contis Group, reiterated Contis’ track record of delivering disruptive technology with high reliability in the payments space and added,

Solarisbank and Contis share the same vision and values and together, we will spearhead the global trend of embedded finance

Peter Cox, executive chairman and founder of Contis Group
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