German fintech Solaris aims to triple revenue despite sector pressure
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, Höltkemeyer said that he could not rule out additional job cuts on top of those already announced earlier this year, when the lender cut close to 10 per cent of its workforce of 750 employees. “At the moment, we are jointly evaluating the [headcount] situation and are assessing how to find the right balance between further growth and efficiency,” he said.
This story originally appeared on: Financial Times - Author:Olaf Storbeck
