Solaris Announces Workforce Reduction as Part of Strategic Transformation Initiative

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Berlin, Germany – October 17, 2024 – Solaris, the leading Banking-as-a-Service (BaaS) platform in Europe, has announced a significant workforce restructuring, which will result in the reduction of approximately one-third of its employees. The majority of these layoffs will affect its UK-based subsidiary, Contis, a key component of Solaris’ EMI (Electronic Money Institution) unit.

This move is part of Solaris’ broader transformation program aimed at refocusing its core business strategy. The company will sunset its EMI and embedded finance operations under Solaris SE, streamlining its services to concentrate on more sustainable and profitable ventures. Contis, acquired in 2021 and fully integrated under the EMI brand last year, has played a critical role in Solaris’ expansion into the UK market.

“We deeply regret the impact this will have on our employees and their families, particularly those at Contis,” said Solaris CEO. “However, these steps are necessary to ensure our long-term success and to adapt to the rapidly changing financial services landscape.”

Solaris’ restructuring follows a Series F funding round in March, where the company raised €96 million. This capital, along with a financial guarantee of up to €100 million, will enable Solaris to deliver on major contractual obligations, including a landmark deal with ADAC (Allgemeiner Deutscher Automobil-Club), one of Germany’s largest motor associations.

Despite a challenging fiscal year in 2022, where Solaris reported a €56 million loss, the company is optimistic about its future. The transformation plan is designed to sharpen Solaris’ competitive edge in the BaaS sector, focusing on delivering more efficient and customer-centric solutions.

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