One of Germany’s most high-profile fintechs in recent years is cutting 20 per cent of its workforce, as it looks to become an “AI-native bank", marking the latest restructure at Solaris.
Solaris, which offers white-label banking services and is known as a BaaS (Banking-as-a-Service) provider, is axing around 80 roles across its approximately 400-strong workforce, as it undertakes a major restructuring.
The latest round of job cuts follows previous job cuts, a write-down and a rescue funding round by Japan’s SBI Group at Solaris, which has held unicorn status.
New CEO Steffen Jentsch is repositioning Berlin-based Solaris from an embedded finance platform into what it’s calling an “AI-native bank”.
This means that it aims to increase automation across its processes and products.
It will see AI agents handle operational processes, while humans remain responsible for control and governance, Solaris said.
The fintech said it was developing data- and AI-driven financial services for its partners, including ADAC and Boerse Stuttgart Group. Solaris has got investor support behind its repositioning.
Jentsch said: “Ten years ago, Solaris was one of the first companies in Europe to prove that cloud-based banking via APIs works. Today, we are taking the next logical step.
"Together with SBI and in close dialogue with the regulatory authorities, we are developing Solaris into an AI-native bank and creating new growth through the broad use of artificial intelligence in banking.”
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