News Summary

• (After publishing, it told us that it also closed a little-publicized inside round last year of €40 million, a Series E.)Previous backers in the company include a range of strategic and financial investors such as ABN AMRO, Visa, BBVA, Samsung, Lakestar, FJ Labs and many more.
• It’s also been working through how to digest a hefty piece of M&A: that big round in 2021 was made in part for it to acquire a big embedded finance competitor, Contis.“Despite the good progress we have made, we are still in the early stages of implementing our strategy.
• Solaris flatly describes 2022 as the year that “put Solaris to the test.”Although it made revenues of €130 million in the year and said it grew 30%, it did so at a loss of €56 million.
• Today, perhaps we’re seeing a test case for that.Updated with further details of a previous funding round, to clarify that the previous CEO was not a co-founder, and the names of the investors in this latest round.
• The startup has been going through a year of cost-cutting as a result “to address the changed market conditions.” It also notes that its first-half results are showing some promise of profitability coming, although no figures were disclosed today to prove that out.
• Solaris — the German fintech that, when it was known as Solarisbank, raised hundreds of millions of dollars to build out its embedded finance platform — is today announcing more funding.