Germany’s regulatory body grants startup banking license
(15 March 15 2016 – Germany) The Federal Financial Supervisory Authority, better known as Germany’s regulatory body BaFin, has granted a banking license to Berlin-based tech company solarisBank.
Having built an API-based platform to power startups, solarisBank aims to partner with e-commerce business and fintech startups by offering fast and simple integration of banking services via a modular platform specifically designed to meet the needs of emerging digital-first companies.
“In the future, almost all big internet companies will depend on digital banking solutions to expand their offerings and achieve regulatory compliance," says jan Beckers, solarisBank chairman.
"During our preparations, we couldn’t identify a single bank worldwide that specialises exclusively on technology partnerships with digital companies."
Currently employing 30 staff, the bank was founded in 2015 by ex- Deutsche Bank executive Marko Wenthin, and Andreas Bittner, whose background includes Managing Director at core banking supplier Avaloq.
A product of the FinLeap startup hup, launched by incubator HitFox in 2014, solarisBank believes it has found a sweet spot in a market underserved by traditional banks and their legacy platforms.
“At solarisBank, we emphasise technological innovation over banking," says Bittner. "We’ve explicitly adjusted to the needs of the digital economy and turned the paradigm of traditional banking upside down.”
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