Photo by Matthew Kwong
Last month, European BaaS platform Solarisbank announced its launch into France, Italy and Spain with local IBANs – a move that gives their partners total access to local financial ecosystems in Europe’s biggest markets. Founded in 2016, Solarisbank has utilized its full German banking license to lead the charge in the embedded finance movement, allowing firms of all sizes to offer their own financial services. Businesses can integrate with Solarisbank’s full suite of digital banking and cards services with their product, as well as lending, payments, KYC, and digital assets. The firm has raised more than EUR 160 million in funding, with the latest funding round (series C) of EUR 60m coming in June 2020. Some investors include Visa, SBI group, BBVA, Samsung Catalyst Fund, and Finleap.
The firm’s continued growth across Europe provides yet another example of the rapid traction of the BaaS/embedded finance movement and its implications on the global financial system. And they aren’t the only ones making noise. Moov Financial, Bankable, and BBVA, to name just a few, have all been amongst the leaders in disruption. If you’re interested in taking a deeper dive into what this trend means for financial services, this article from Mckinsey & Company is a great place to start.