BBVA invests in the German ‘fintech’ solarisBank

BBVA has announced that it has become an investor of the German startup SolarisBank, after participating in a financing round ‘Series B’. The operation, which is part of BBVA’s digital transformation, reinforces the Group’s strategy to lead the financial services of the future. In addition to the financing round, BBVA will also acquire the shares of SolarisBank in the hands of the German subsidiary of Unicredit.

solarisBank, one of the first digital financial services platforms with a bank card, has developed the concept of ‘banking as a service’ which – through the use of APIs – allows client companies to offer the financial services of SolarisBank and also third parties. In fact, thanks to its technological platform, the entity offers a banking environment for ‘fintech startups’, established digital firms, as well as financial entities and companies.

“The development of an open platform for third parties to connect via APIs will be an increasingly relevant growth channel , and that is what solarisBank has developed with great success,” said Carlos Torres Vila , CEO of BBVA. “Being a partner of solarisBank will help us grow faster in the field of banking as a service.”

In the round of financing announced today, which amounts to a total of 56.6 million euros , ABN Amro, Visa or Lakestar have also participated. In addition, Arvato Financial Solutions, a subsidiary of Bertelsmann, and the Japanese group SBI, current investors in the company, have contributed additional resources. The current round of financing is subject to approval by the relevant regulatory authorities.

The resources obtained will be used to reinforce the growth strategy of solarisBank , continue with the development of its digital platform, strengthen the portfolio of products and services, and support the expansion to other markets.

The German ‘startup’ currently operates in seven countries and has some 60 corporate clients that use its banking platform. In addition to digital banking and card services, it offers its corporate clients financial and credit services , as well as payments and trust, all accessible via APIs. Thanks to the ‘passporting’ rights granted by EU regulations, solarisBank can operate throughout the EU . Since its creation two years ago, it has raised capital for an amount of 92 million euros.