Solaris

Executive Summary

Solaris is a Berlin-based banking-as-a-service platform offering fintech infrastructure across Europe, enabling businesses to provide their own financial services through a modular API-driven platform. While generating €200 million in revenue, the company posted a significant net loss of €180 million, reflecting ongoing restructuring efforts and anticipated operating losses through 2024. The estimated valuation of €1.6 billion ahead of a potential 2026-Q4 filing highlights investor confidence despite profitability challenges. A major concern is a high-severity regulatory risk stemming from a BaFin special audit and potential future capital requirements following recent AML deficiencies. Successfully demonstrating a clear path to sustainable profitability and robust compliance frameworks will be critical for a successful IPO given the enhanced regulatory environment.