German FinTech banking platform solarisBank has closed a €56.5 million Series B funding round, with BBVA, Visa, Lakestar and ABN AMRO joining as strategic investors.

solarisBank became the first FinTech banking platform in Germany to gain a full banking licence in March 2016, and is now available in seven countries. The bank has nearly 60 corporate clients currently using its system, and expects that number to increase to over 100 by the end of this year.

Alongside digital banking and card services, the bank also offers corporate customers financial and credit services, as well as payment and escrow services – all accessible via an API.

The newly raised capital will support solarisBank towards further growth and geographic expansion, as well as accelerate the continued development of its digital platform and product portfolio.

Roland Folz, CEO of solarisBank, said: “Our innovative approach has convinced industry leaders from both the finance and technology sectors to utilise the Series B round as an opportunity to be a part of our business model and growth story. I am thrilled and inspired by the potential for further cooperations in Germany, as well as in international markets, that we can approach together with these strong partners.”

Carlos Torres Vila, CEO of BBVA – which just yesterday announced its £85.4 million investment in the UK’s Atom Bank – added: “The development of an open platform that allows third parties to access via APIs will be an increasingly relevant growth driver, and this is what solarisBank has had huge success developing. Being a partner of solarisBank will help us grow in the area of ‘banking as a service’ more quickly.”

Over the last two years, solarisBank has raised a total of €95 million across three separate funding rounds.

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