Solaris raises €96 million in a Series F funding round led by SBI Group to execute on major credit card contract with Adac

Mar 19, 2024•over 1 year ago

Amount Raised

€96 Million

Round Type

series f

Berlin

Investors

Sbi Group

Description

German Banking-as-a-Service outfit Solaris has raised a total of €96 million in a Series F funding round, with a financial guarantee of up to €100 million capital equivalent. The funding will enable Solaris to execute on a major credit card contract with Munich-based motor association Adac, which is expected to significantly boost the company's annual sales.

Company Information

Company

Solaris

Location

Berlin, Maryland, United States

About

Well, t would appear the ship has stabilised after a year that saw the company close 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 2023 half-year results confirm the course set and show that Solaris' scalable business model can already operate profitably'. AdThe company also announced that Chief Operating Officer Chloé Mayenobe leaves the company on July 31 to 'take on new professional challenges', and that her position will not be refilled.

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