Germany-based banking-as-a-service platform solarisBank has raised approximately €56.6m in new funding from a number of investors including BBVA, Visa, Lakestar and ABN Amro.
The capital, which was raised in series B round of funding, will be invested to develop the new products for its corporate clients and for international expansion.
solarisBank CEO Roland Folz 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.”
BBVA stated that deal is in line with its strategy to lead financial services in the digital age. Besides this investment, BBVA is also buying a solarisBank’s stake from Unicredit’s German unit.
BBVA CEO Carlos Torres Vila said: “The development of an open platform that allows third parties to access via APIs will be an increasingly relevant growth driver and this is what solarisBank has had huge success developing. Being a partner of solarisBank will help us grow in the area of “banking as a service” more quickly”.
Besides new investors including ABN Amro, Visa and Lakestar, the existing investors Arvato Financial Solutions, a unit of Bertelsmann, and Japanese group and SBI Group, have also joined the latest round.
At present, solarisBank is operating in seven countries and serves more than 60 corporate clients.