Solaris | FinTelegram News

Tag: Solaris

July 15, 2024

Wirecard Trauma: German FinTech Solaris Faces Increased Scrutiny from BaFin Over AML and Compliance Deficiencies!

No new Wirecard, please! Berlin-based fintech Solaris is once again under the microscope of Germany’s financial supervisory authority, BaFin, which has issued a stern warning and set deadlines for the company to rectify significant deficiencies identified in several audits. The latest move underscores ongoing regulatory concerns regarding Solaris' operations, particularly in areas critical to financial integrity and stability.

March 8, 2024

Solaris Faces Hefty Fine for Late Anti-Money Laundering Reporting Amidst Germany’s Push for Financial Transparency!

The German financial regulator BaFin has levied a significant penalty on Berlin-based FinTech Solaris for its systemic failure to submit suspicious money laundering reports timely. The authority announced a fine of 6.5 million euros against Solaris, underscoring persistent vulnerabilities within Germany's financial sector to money laundering activities, despite Frankfurt's recent victory in securing the headquarters for the EU’s new anti-money laundering authority, AMLA.

Fintech

March 4, 2024

Solarisbank Faces Setback as Grover Ends Partnership and Card Offer

Berlin-based Solarisbank has encountered a significant setback with the discontinuation of the Grover Card payment card, leading to the termination of its collaboration with the technology rental platform Grover. This development marks the loss of another prominent partner for Solarisbank, following the recent withdrawal of half a million customer accounts by Neobank Vivid earlier this year.

December 7, 2023

Impressive: German Broker Trade Republic Secures Banking License!

Berlin-based fintech Trade Republic has achieved a significant milestone by obtaining a full banking license from the German financial supervisory authority, BaFin. This development places Trade Republic alongside prominent fintech banks like N26 and Solaris, expanding its capabilities beyond its current status as a securities trading bank. Previously, the broker partnered with licensed banking partners like Deutsche Bank.

November 7, 2023

Bad FinTech News: European Regulators Crack Down On BaaS Providers!

Amy O'Brien published an interesting article on BaaS on Sifted, elaborating on the regulatory hurdles for BaaS providers. The European fintech sector, with 61 unicorns, would now face a regulatory storm. Most notably, the prevalent Banking-as-a-Service (BaaS) model, which fueled the rapid growth of companies like Revolut and Wagestream, is under regulatory scrutiny. Investors shy away from the €100 billion market!

August 10, 2023

Financial Watchdogs: FinTechs And Neobanks Under Regulatory Scrutiny As Money-Laundering Avenue!

In 2007, the European Union introduced a directive promoting payment service providers as a competitive alternative to traditional banks. However, in the post-Wirecard era, where the German financial watchdog BaFin faced criticism for its oversight, there's a renewed focus on regulating these entities. The rationale is clear: FinTechs and neobanks are increasingly seen as potential avenues for money laundering.

Fintech

July 11, 2023

Solaris Reports €56 Million Net Loss And Announced Closing Of A €38 Million Series F Funding.

The Berlin-based fintech Solaris closed the fiscal year with net revenues of €130 million, a growth of 30% compared to the previous year, but a net loss of €56 million, and a 33% increase compared to 2021. Solaris announced the €38 million first close of its Series F round, led by existing investors at a valuation of €1.6 bill

BaFin

January 17, 2023

BaFin Puts New Limitations On German FinTech-Enabler Solaris!

The German financial regulator Bafin is tightening its control of the prominent Berlin-based fintech Solaris. A "permission proviso will apply to the institute in the future with regard to new partnerships," Solaris CEO-designate Carsten Höltkemeyer told the German Handelsblatt. "So we have to get the green light from Bafin before we are allowed to take on new customers." This requirement is exceptional for the German banking sector. Solaris has acquired a reputation for facilitating scam operators.

September 4, 2022

NAGA Group Launches Crypto-Based Visa Card

Listed NAGA Group announced that it is launching a VISA-approved card program in partnership with Solaris Group and its UK and Lithuanian-regulated Contis Group through its NAGA Pay scheme. As with other such crypto cards or, for example, Binance, NAGA users will be able to spend both fiat and crypto in real-time at the point of sale. The NAGA Pay app will unlock the "Pay with Crypto" feature for all customers in the app stores on 7 Sept 2022, the company said. NAGA Group recently announced that its 2020 and 2021 financials would not be accurate because of an error by auditor EY.

August 9, 2022

Breaking: German Crypto Bank Nuri Filed For Insolvency!

Crypto Winter officially arrived in Germany. Berlin-based digital bank Nuri filed for insolvency only two months after announcing layoffs. The crypto fintech struggled with the rout in crypto prices, and economic uncertainty. Nuri was not able to find fresh funds. In a statement, the company said that despite the filing, customers would still have full access to their current accounts (euros) and their crypto wallets and vaults (bitcoin & ether) and can continue withdrawing funds.

July 27, 2022

Notorious German Solarisbank Renames Itself Solaris And Changes Legal Form!

Over the last few years, we have found Berlin-based Solarisbank as a facilitating payment processor in many scams. In February, the German regulator BaFin sent a special auditor to the bank because of alleged money laundering problems. Now the German bank has dropped the term "bank" from its name and just calls itself Solaris. It wants to focus on the company's technical DNA and be perceived as a technology company rather than a bank. The strategic focus is, therefore, on the Banking-as-a-Service (BaaS) offering for other FinTechs.

Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!

Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.

Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!

The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.

Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!

The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.

U.S. DOJ Indicted Russian Hacker and Evil Corp Member Aleksandr Viktorovich Ryzhenkov!

The U.S. DOJ unsealed an indictment charging Russian national Aleksandr Viktorovich Ryzhenkov with using the BitPaymer ransomware variant to attack numerous victims in Texas and throughout the U.S. and hold their sensitive data for ransom. According to the indictment, beginning in at least June 2017, Ryzhenkov allegedly gained unauthorized access to the information stored on victims’ computer networks.

Starling Bank Slammed with £29M Fine for ‘Shockingly Lax’ AML Controls, Exposing UK Financial System to Criminals!

The UK neobank Starling Bank has been fined £29 million by the UK FCA for opening accounts for high-risk customers and failing to screen against full sanctions lists. Its rapid expansion outpaced its compliance measures, leaving significant gaps in its AML framework. Starling grew from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.