Solaris Plans to Reduce Its Workforce by One-Third

Hey FinTech Fanatic!

Earlier this month, Solaris announced a sweeping transformation programme that will phase out its EMI and embedded finance operations under Solaris SE.

This marks a significant shift, particularly for its EMI unit, which includes Contis—the UK-based payments firm Solaris acquired and rebranded back in 2012.

According to Handelsblatt, this overhaul will impact around 240 of Solaris’ 700 employees. This news comes after Solaris secured €96 million in a Series F funding round in March, plus a financial guarantee of up to €100 million, set to back a substantial contract with motor association ADAC.

Despite the funding boost, Solaris reported a €56 million loss for fiscal year 2022, adding even more weight to these strategic moves.

You can read more (more positive ??) FinTech industry updates below??, and I'll be back in your inbox tomorrow!

Cheers,

Marcel

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