Embedded finance platform Solaris has closed a €38 million Series F round to ‘strengthen governance and compliance’ marking the next stage of growth for the company. The funding round was led by existing investors.
“Over the last few months, we have been working hard on our priorities. We invested in the resilience of our platform, we are consistently hitting our monthly targets, and we have now secured the planned capital increase. The strong commitment of our shareholders is a testament to our strategy and the dedication of our employees,” says Carsten Höltkemeyer, CEO of Solaris who took over the role in October 2022.
Speaking to Tech.eu last year previous CEO Roland Folz said, "A big focus for us in 2022 is to stabilise processes to make them extremely robust against any operational challenge, but at the same time, you don't want to become bureaucratic, you don't want to become a silo organisation.”
Well, t would appear the ship has stabilised after a year that saw the company close the 'fiscal year with net revenues of €130 million, a growth of 30% compared to the previous year, but a loss of €56 million - the 2023 half-year results confirm the course set and show that Solaris' scalable business model can already operate profitably'.
“Despite the good progress we have made, we are still in the early stages of implementing our strategy. Our next milestone will be the integration of Contis in order to exploit the full potential of our technology and product platform. This will be accompanied by further reduction of complexities and focus on our core products. Solaris will become a highly efficient and performance-driven company with a sustainable run-rate profitability,” says Höltkemeyer.
The company also announced that Chief Operating Officer Chloé Mayenobe leaves the company on July 31 to 'take on new professional challenges', and that her position will not be refilled.
"It has been a unique opportunity to be part of Solaris' journey to become Europe's leading embedded finance platform. I would like to thank all Solarians for providing a continuous energy that was contagious in carrying out my responsibilities," says Mayenobe.