The year 2022 put Solaris to the test. The company closed the fiscal year with net revenues of €130 million, a growth of 30% compared to the previous year, but a loss of €56 million. The management team had already taken measures last year to address the changed market conditions. According to the Berlin-based fintech, the 2023 half-year results confirm the course set and show that Solaris’ scalable business model can already operate profitably.
Today Solaris announced the €38 million first close of its Series F round, led by existing investors. As previously stated, Solaris will 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.
“Despite the good progress we have made, we are still in the early stages of implementing our strategy. Our 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. Solaris will become a highly efficient and performance-driven company with sustainable run-rate profitability,” says Höltkemeyer.
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,” says 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 or Jimdo.
Founded in 2015, Solaris pioneered the Banking-as-a-Service market with an unparalleled combination of tech and banking services. Today, the banking and EMI-licensed tech company employs more than 800 people at ten locations in Europe and India, with net revenues of €130 million in 2022.
Since 2016, at EU-Startups, we have been following Solaris, highlighting them as Europe’s hottest Fintechs, and subsequently including them in the German startups to watch in 2017 and 2018, as well as one of the most exciting Berlin-based startups to look out for in 2019 and beyond.