German fintech company Solaris, known previously as Solarisbank, has secured an additional €38 million ($41.8 million) in funding to further develop its banking-as-a-service (BaaS) platform. This latest round brings the total amount raised by the company to over $441 million, according to PitchBook.
Growing API Library and Expanding Customer Base
Solaris’ BaaS platform currently offers a vast array of APIs across various categories, including banking and card services, payments, lending, ID verification, and digital currencies. The company has witnessed significant growth in its API library, expanding from 180 to over 400 different APIs since 2021.
Inside the Latest Funding Round
The recent €38 million funding round is aimed at accelerating Solaris’ expansion plans, with a focus on scaling its BaaS platform and further enhancing its offerings. The company’s goal is to become a highly efficient and performance-driven entity with sustainable run-rate profitability.
A Shift in Fintech Market Trends
Fintech was one of the biggest beneficiaries of the funding boom that emerged during the COVID-19 pandemic, as consumers and businesses adapted to digital-first approaches. However, the market has seen a significant decline in fintech funding, with global fintech funding decreasing by 46% in 2022, according to CB Insights.
The Future of Fintech
With the fintech market experiencing a downturn, companies like Solaris face an additional challenge: delivering long-term value on their promises. The recent investment in Solaris may serve as a test case for whether these fintech startups can maintain momentum and continue innovating in the space.
About Ingrid Lunden
Ingrid is TechCrunch’s Europe Editor, joining the team in February 2012 based out of London. Prior to TechCrunch, she worked at paidContent.org as a staff writer and has also written freelance articles for publications like the Financial Times.
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