German embedded finance platform Solaris has raised €96 million in a Series F funding round.

The FinTech said that it would use the new investment to onboard a credit card programme for ADAC (Allgemeiner Deutscher Automobil-Club) – which describes itself as Europe’s largest automobile association – as well as strengthen its core capital and the resilience of its platform.

In September 2022, Solaris secured a long-term agreement to become ADAC's co-branding credit card partner, with plans to issue more than 1.2 million credit cards.

Solaris boss Carsten Höltkemeyer described the funding round as a “significant milestone” on the company’s path to sustainable and profitable growth.

The investment is in line with the business' five-year strategy, which includes achieving profitable growth and focussing on scalable products like cards, accounts, and lending.

“The funding underlines the high level of confidence our investors have in the transformation of our company,” continued the chief executive. “2024 heralds a bright new chapter for Solaris and we are committed to delivering on our business priorities, enhancing the product offering for our partners and making regulatory compliance our USP.”

The FinTech's latest funding round was led by SBI Group, one of the company's early strategic investors.

In July 2023, Solaris closed its first round of Series F funding at €38 million, also led by existing investors, with the funds being used to strengthen governance and compliance and "navigate the challenging market environment."

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