(Bloomberg) -- Solarisbank AG, a German lender backed by Banco Bilbao Vizcaya Argentaria SA and ABN Amro Bank NV, is raising additional funds as it looks to win customers from collapsed rival Wirecard AG.
New and existing investors will take part in the 60 million euros ($67 million) round, Solarisbank said on Tuesday, increasing the firm’s valuation to 320 million euros.
“We want to use the money to expand our platform,” Chief Executive Officer Roland Folz said in an interview. “We hope that some of the companies that have previously used Wirecard will switch to our platform.” Solarisbank is already in talks with some, the former Deutsche Bank AG executive said.
Solarisbank -- which does not operate under its own brand -- allows companies to offer financial services such as credit cards or loans by letting them use its infrastructure and banking license. Business account provider Kontist GmbH will move its debit cards from Wirecard to Solarisbank by August, a spokeswoman for the German company told Bloomberg on Monday.
According to Folz, Solarisbank is currently focusing on growth, while reaching breakeven takes a backseat for now. This year, revenue is expected to double.
Wirecard filed for insolvency Thursday. It was once lauded as one of Germany’s most successful up-and-coming businesses. The fintech company’s unraveling quickened when it said that 1.9 billion euros previously reported as cash on its balance sheet probably doesn’t exist.
(Revenue target added in second to last paragraph)
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