Japan’s SBI Said to Agree to Take Majority Stake in Solaris
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Japan’s SBI Holdings Inc. agreed to take a stake of more than 70% in Solaris SE as part of a new fundraising round for the German fintech that will slash the struggling company’s valuation, according to a person familiar with the matter.
Solaris secured about €100 million ($103 million) from SBI for the stake and it will also raise money from German exchange operator Boerse Stuttgart Group and existing investors, bringing the total funds raised to about €150 million, the person said, asking not to be identified discussing internal information. Other elements such as new AT1 bonds are also part of the deal, the person added.