Top German unicorn Solaris today (Monday) said it has taken an “important step” towards ensuring its future, as it's understood to be close to securing fresh funding amid reports that it needed urgent financing or faced the prospect of being sold or even closure.
Solaris, which offers white-label banking services and is known as a BaaS (Banking-as-a-Service) provider, is one of Germany’s most high-profile fintechs.
However, the fintech has recently made dramatic job cuts amid industry challenges and was reportedly seeking urgent funding.
The German fintech has been urgently seeking fresh funding of between €100m and $150m, as it was running out of money, Tech.eu previously reported.
According to reports in German media, Solaris had convened an Extraordinary General Meeting (EGM), a hurried shareholder meeting to deal with an urgent matter, which took place today.
During the meeting, it is understood that Solaris managers and investors discussed whether the funding would be green-lighted.
Highlighting the urgency of the situation, a proposal to wind-up the unicorn, should the funding not be forthcoming, was on the agenda, according to German media.
Solaris did not divulge specific details of the meeting, but sources close to Solaris said that a deal to secure fresh funding is close.
A spokesperson for Solaris said:
“Today we have taken an important step towards a long-term and sustainable financing solution for Solaris.
"Together with our investors, we will finalise the agreements reached in the coming days.”
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