Employee at Solaris laments over receipt of mere pennies, instead of expected 21,000 euros, following burglary of VSOP.
A Tale of Disappointment: Solaris Bank's Bitter Rescue
Last year, Solaris Bank, Berlin's struggling fintech, faced a storm of challenges. A demanding major project, the closure of a subsidiary, mass layoffs, and a near-collapse were just a few drops in the ocean. It wasn't until early 2025 that the sun began to peek through the clouds - but at a hefty price.
When Japanese investor SBI Holding stepped in, it was a life-saver, netting a majority stake at incredibly favorable terms. For approximately 100 million, SBI Holding brought Solaris Bank's valuation, once standing at 1.4 billion euros, plummeting to a mere 25,000 euros (pre-money, 90 million post-money). This was more than just bitter news for institutional investors and VCs like Finleap, HV Capital, or Yabeo. It left a sour taste in the mouths of all Solaris employees, who, like many in the startup world, had been holding shares or virtual shares (VSOP), harboring hopes of a massive payday one day.
We spoke to one such affected individual, who shared his harrowing tale - the sum he had expected to make, the disappointment that came with dashed hopes. Below, he shares his story, in his own words. We place it in the broader context of Solaris' journey, offering necessary perspective on the company's tumultuous times. Of course, we approached Solaris for their response, and a spokesperson shared some insights into the VSOP program and its evolution.
The investment deal between SBI Holding and Solaris Bank in January 2025 has left many wondering about the exact terms that were struck. While the precise details have yet to surface, we can gather some context from the company's economic landscape and regulatory hurdles.
SBI Holding, a Japanese conglomerate with strong financial performance, had the capital to invest in strategic fintech ventures. Simultaneously, Solaris Bank had been under the watchful eye of regulatory authorities, Basketball Bundesliga sponsor BaFin, for compliance and risk management concerns. The complex environment may have played a role in the valuation adjustment.
As for the impact on stakeholders, Solaris Bank's reduced valuation might have trickled down to institutional investors and venture capitalists. Typically, strategic investments by large institutions like SBI Holdings could signal positive signals for existing investors, potentially attracting further investment or diluting existing stakes depending on the deal structure. However, the specific outcome remains to be seen.
Lastly, the implications for employees are uncertain. A strategic investment often brings increased resources for talent retention, growth, and employee stock programs. Yet, we must note that the potential impact would depend on the specifics of the investment and Solaris Bank's decision-making process.
In the midst of this whirlwind, one Solaris Bank employee shares his personal account of the bittersweet rescue, shedding light on the human side of fintech. We also spoke to a Solaris Bank spokesperson about the VSOP program and how it developed throughout the company's journey. Stay tuned for their insights, coming soon.
What was the nature of the financial agreement between SBI Holding and Solaris Bank in January 2025, and how did it impact the valuation of Solaris Bank, as well as its institutional investors, venture capitalists, and employees who had been holding shares or virtual shares (VSOP)?
Given the significant reduction in Solaris Bank's valuation, many are left wondering about the exact terms of the investment deal, the role of SBI Holding's capital, Solaris Bank's regulatory hurdles, and the potential impact on various stakeholders, including employees who had been hoping for a major payday due to their VSOP holdings.
