In the first close of its Series F equity financing round, embedded finance platform Solaris raised EUR 38 million.
The new funding, which was raised from current investors, comes after a period of testing for Solaris. The company last year changed its branding from its initial positioning as a neo bank to solaris bank. This was part of a larger organizational overhaul that also saw a management board shuffle under new CEO Carsten Höltkemeyer.
Net revenues for the company’s fiscal year ended at EUR 130 million, up 30% from the prior year, but at a loss of EUR 56 million. The new management team decided against the planned IPO for Q3 2022 in order to focus on responding to the altered market circumstances.
Read More: Solaris secures €38 million capital raise