Berlin-based fintech Solaris is aiming to triple its revenue to €300mn in the next two years despite job cuts, struggling clients and a recent rebuke from its regulator.
Solaris, which has a German banking licence and offers white-label banking services to fintechs and corporate clients, has long been a poster child of Berlin’s buzzing start-up scene, having raised €400mn from investors including credit card group Visa and Spain’s BBVA.
Revenue doubled to €101mn last year, making it one of Europe’s biggest so-called “banking as a service” providers, and it acquired UK peer Contis in January. Although it recorded a pre-tax loss of €34mn in 2021, Solaris said it is on track to become profitable by the end of this year.
However, its rapid growth has recently hit a speed bump after clients such as online lender Nuri filed for insolvency and other cash-strapped fintechs reined in their growth plans as funding became more scarce. Financial regulator BaFin also this year rebuked Solaris for organisational flaws, parachuting in a special monitor, imposing tighter…