Samsung Catalyst Fund, BBVA, SBI Group and ABN Amro Ventures chipped in as the banking platform developer raised $67.3m at a $360m valuation.
Germany-based banking software provider SolarisBank secured €60m ($67.3m) in series C funding yesterday from investors including consumer electronics producer Samsung and financial services firms BBVA, SBI Group and ABN Amro.
Venture capital firm HV Holtzbrinck Ventures led the round, which also featured Vulcan Capital, Storm Ventures, Yabeo, Global Brain, Hegus and Lakestar, while Samsung and ABN Amro invested through Samsung Catalyst Fund and ABN Amro Ventures respectively.
SolarisBank has built a software platform that enables client businesses to build and operate their own financial services products, such as digital bank accounts, payment cards and lending services.
The company has also been issued its own banking licence from German regulators. It will put the series C proceeds into international growth, increasing headcount, product and technology development and the bolstering of its regulatory capital base.
FinLeap, Hegus and Yabeo supplied $13.5m in seed funding for SolarisBank at the time of its 2016 launch and returned for a $28m series A round co-led by SBI and Arvato Financial Solutions, a financial services vehicle for media group Bertelsmann, the following year.
BBVA, SBI, Arvato Financial Solutions, ABN Amro’s Digital Impact Fund and payment services firm Visa subsequently joined Lakestar in the company’s $70m series B round in early 2018. The latest round valued it at $360m post-money, according to TechCrunch.
Roland Folz, SolarisBank’s chief executive, said: “SolarisBank is continuing its impressive growth and the current financing round will help us to expedite building a pan-European platform. Our partners are continuously improving their offerings and expanding their reach with our strong financial tech products.”
