FinLeap’s SolarisBank to Offer Banking as a Platform for Startups to Ride the Fintech Sauce Train – TechCrunch
Offering what he calls banking as a platform, FinLeap, the German fintech start-up factory, has given birth to its latest business.
This time around, the Berlin-based business builder (to use preferred terminology) is investing and betting on the underlying regulatory and financial technology infrastructure – the pick ‘n’ shovels, if you will – in the form of solarisBank, a fully licensed digital bank designed to power a range of fintech services.
Born out of the frustration felt by FinLeap’s own startups with the need to leverage existing banking license and technology in order to be able to offer various financial services, solarisBank has developed what is described as a banking toolkit. modular, comprising: and most importantly, various modern banking APIs. This means that it is able to offer other fintech companies various services which in turn can offer their own customers.
These include account and transaction services, compliance and trust solutions, working capital financing and online loans. These services require not only a technological solution, but also, in many cases, a banking or electronic money license. SolarisBank handles the heavy lifting for both.
“We are confident that most large Internet companies will want digital banking solutions that expand their product line and offer it in a challenging regulatory environment,” Jan Beckers, president of FinLeap, said in a statement. “We haven’t seen a bank that offers a technology platform like ours that can partner with so many different types of companies and business models.”
While solarisBank is officially unraveled today, it has already started serving a number of test clients. It doesn’t reveal who they are, but I understand that this is an e-commerce platform that uses the banking platform to deliver new value-added financial services relevant to its existing customer base, such as loans. In this case, SolarisBank acts as both a regulatory banking partner and a technology partner. A second customer is a gift card provider who would otherwise need an e-money license.
“Solaris services are like Lego bricks: our partners can choose the bricks they need and assemble custom solutions to meet their business needs,” a company spokesperson told me via e- mail.
“Partners can access Solaris platform services through our easy to implement API. The simple and frictionless integration allows solarisBank partners to get started quickly and focus on their core business. In addition to our focus on technological innovation, we meet or exceed all regulatory requirements with our full banking license. “