Banking Capital markets News

BBVA-backed solarisBank raises €60m for digital banking including digital assets

solarisbank

Yesterday, BBVA-backed fintech solarisBank announced it raised €60 million ($67.4 million) in a Series C funding round led by HV Holtzbrinck Ventures.

Other investors included Vulcan Capital, Samsung Catalyst Fund, and Storm Ventures with participation from existing investors BBVA, SBI Group, ABN AMRO Ventures, Global Brain, Hegus, and Lakestar. 

Berlin-based solarisBank is a technology company with a German banking license and provides banking-as-a-service to enterprises. 

More recently, the company founded the subsidiary solaris Digital Assets to provide custody solutions. The company is integrating traditional banking systems with digital assets, and it was reported it would apply for a license for the crypto custody business this year. 

It helped Börse Stuttgart with the launch of Börse Stuttgart Digital Exchange and Bitbond to conduct a regulated security token offering.

Founded in 2016, SolarisBank offers a range of financial products through its banking platform and enables businesses to build banking products using APIs. In 2018, it launched the Blockchain Factory to provide banking services in the blockchain and cryptocurrency sector. 

“The financial world is in the midst of a digital transformation. solarisBank is the go-to platform when it comes to contextual banking and a driving force of European fintech innovation,” said Barbod Namini, Partner at HV Holtzbrinck Ventures. 

The company plans to use the new capital to further its digital banking product portfolio and develop the tech platform. SolarisBank has raised €160 million ($179.8 million) to date.

Spanish bank BBVA had participated in solarisBank’s Series B funding round in 2018. BBVA has a handful of blockchain projects and is exploring the technology for paymentsinterbank messaging, and loans


Image Copyright: solarisBank