The Berlin-based Banking-as-a-Service provider Solarisbank (website) wants to be perceived primarily as a tech company, not as a classic bank. Consequently, Solarisbank is removing the word “bank” from its name and will thus only be called Solaris. The company intends to change its legal form and become an international SE (Societas Europaea) to become “IPO ready.”
“In particular, our tech DNA has enabled our growth in the past and will ensure our success in the future,” said Solaris executive Layla Qassim.
Founded in 2016, Solaris offers its banking license to other fintechs, which can use it to catch customers faster. Financial startups can then provide financial services under their own flag, with Solaris always in the background. Last year alone, Solaris opened one million new online accounts, according to its figures. The company employs 750 people at eight other locations in Europe and India.
Last year, Solarisbank CEO Roland Folz announced that the company wanted to be ready for an IPO by mid-year. However, given the current market environment, an IPO is very unlikely.
Instead, the Berlin-based fintech is raising covetousness among private equity firms. According to reports, financial investors want to take over the majority or at least a high share, which would secure a considerable say. However, the talks are only at the beginning, they say. The Berlin-based company should have sufficient capital buffers for the time being: Recently, the fintech raised a mid-double-digit million amount from existing investors to “strengthen its position in a challenging market environment,” according to a Solarisbank spokesperson.
