Seeking to unite Europe’s fractured financial systems, Berlin-based solarisBank announced a fresh round of financing today to extend the reach of its services.
The company said it raised $28 million in a round led by Arvato Financial Solutions, a subsidiary of Bertelsmann Group, and Japanese investor SBI Group. Seed round investors FinLeap and Hegus and yabeo Capital also participated.
Launched just one year ago, solarisBank has a banking license that allows it to offer financial services. It has used that license to create a platform that lets other fintech startups legally offer their services in a kind of marketplace for consumers and small businesses.
The company has managed to expand that license to cover six European countries, which means all services on its platform are also available in those countries. Most traditional banks in Europe tend to be restricted to operating in their home countries, which creates a challenging landscape for businesses or consumers who work across borders.
The company also announced that it has hired Roland Folz as CEO. Folz had previously been an executive at a previous fintech startup, DAB Bank, and before that had been CEO of Mercedes-Benz Bank. Most recently, he was an executive at Deutsche Bank AG.
“I am looking forward to helping solarisBank in the further expansion of its business, as well as its internationalization,” Folz said in a statement. “It is an exciting task which offers tremendous potential.”
The company says it now has 20 partners on its platform. It’s hoping the strategic partnership with its new investors will help attract more.