Solarisbank AG and Contis Group Ltd announced today that they had successfully completed their previously disclosed partnership, entering into a definitive agreement for a business combination. Six months after signing the agreement, the partnership was cleared by all relevant regulators including the Federal Financial Supervisory Authority(BaFin), Bank of Lithuania (BaFin), and the Financial Conduct Authority. Solarisbank and Contis have increased their position in the European Banking-as-a-Service (EBAS) market with a combined valuation of EUR1.4 billion.
We are pleased to announce that Contisbank and Solarisbank will now be combined entities. This will bring an unrivaled Banking-as-a-Service offering to the European market. We are proud to be a one-stop-shop for all fintech, corporates and banks that embed finance in their offering, thanks to our complementary product lines and geographic coverage. Our services include fiat and cryptocurrency assets, lending, payments, card issuing, processing, and payment processing in every EEA country. Both companies are passionate about innovation and this will be a guiding principle for our expansion outside Europe.” – Lee Johnstone (Managing Director of Contis.
Dr. Roland Folz, Solarisbank’s CEO will lead the combined entity. Peter Cox, founder and executive chairman/CEO of Contis and a fintech veteran, has taken over and will now be a Senior Group Advisor and shareholder. Lee Johnstone, Contis’ CFO for nearly 10 years, will be the company’s Managing Director. The group now has over 700 employees in eight locations across Europe and India. The combined net revenues for 2021 were approximately EUR 100 million. This represents a nearly 90 percent increase year-on-year.
“2021 was a remarkable year for Solarisbank & Contis. We have experienced rapid growth in all areas, and we are proud to be the largest European Banking-as a Service platform; more than five millions end customer accounts. We have local branches in every major European market, providing unparalleled market coverage and unique product offerings. This can be seen in our partner’s high ratings on rating platforms, which has led to the highest satisfaction scores from end customers. We will continue to invest in our platform to maintain this high quality and grow at a rapid pace.” – Thom Rasser (CFO of Solarisbank).
Solarisbank and Contis plan to continue to grow their revenue by between 40-60 percent. Solarisbank plans to become IPO-ready in the third quarter 2022. This includes important measures like updating the organizational and managerial structure, switching to IFRS accounting standard, implementing new ESG standard, and process optimization and investment in compliance.
“It is our stated goal to be Europe’s core bank, and the backbone of all customer-centric ecosystems that want financial services integrated seamlessly into their offerings. We must ensure operational excellence at all levels in order to provide partners with a secure and scalable platform. We constantly improve and adapt our processes and structures. We are excited to begin the next stage of our exciting growth story, and we are grateful for the trust shown in us by our customers and partners.” – Roland Folz CEO of Solarisbank.