Solaris SE, Europe’s leading embedded finance platform, announced today the EUR 38 million first close of its Series F round, led by existing investors. As previously stated, Solaris will use the funds primarily to strengthen governance and compliance and lay the foundation for the company's next phase of growth.

“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.

The year 2022 put Solaris to the test. The company closed the fiscal year with net revenues of EUR 130 million, a growth of 30 percent compared to the previous year, but a loss of EUR 56 million. The management team had already taken measures last year to address the changed market conditions. 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 sustainable run-rate profitability,” says Höltkemeyer.

In parallel, there are changes in the Solaris board. Chief Operating Officer Chloé Mayenobe has decided to take on new professional challenges and will leave the company as of July 31. The 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.

Solaris operates in a large addressable market with a compound annual growth rate of about 25 per cent and a revenue pool in Europe of up to EUR 35 billion by 2027. As the acceptance of embedded finance broadens, Solaris asserts its pole position in the fintech space, tapping into established corporates and large ecosystems with best-in-class product offering. In recent months, several high-profile and international brands have joined Solaris’ platform, including the General German Automobile Club (ADAC), Paycell or Jimdo.