Mastercard and solarisBank enter strategic partnership to drive innovation in the digital banking sector
Hamburg / Frankfurt am Main / Berlin, October 11, 2016 - Mastercard and Berlin-based solarisBank, the world’s first independent banking platform, announced their plans for an in-depth partnership to drive innovation in the digital banking industry at Hamburg Fintech Week. Receiving the Principal Membership status, solarisBank will now operate at Mastercard’s highest issuer level, with access to Mastercard’s entire product portfolio.
Both companies have agreed to collaborate on the development of banking modules for the solarisBank platform. In a first step, the innovative Debit Mastercard – combining the benefits of a debit card and credit card in a single product –will be brought to the solarisBank platform. In the following months, wallet services and mobile payment will be added as further banking bricks.
“Our strategic partnership with Mastercard allows us to use the global infrastructure of a market leader. With our B2B2X approach we will be able to reach millions of customers all over the world through our partners while profiting from Mastercard’s network.”
The partnership is the next milestone in the expansion strategy for solarisBank, and will give the company access to Mastercard’s infrastructure throughout 210 countries with over 43 million acceptance points around the world.[i].
“The potential for innovation offered by solarisBank and its powerful commitment to changing the global banking industry are clear to us. We’re excited by the outlook of working together with a young, visionary banking company on developing innovative digital solutions.”
“We will primarily focus on developing banking technologies featuring Mastercard’s expertise. In the future, transactions such as payments will function exclusively using smartphones, wearables or the Internet of Things; the plastic card we are familiar with is only the beginning. The Mastercard of the future will serve as an information hub, allowing customers to perform various types of transactions in addition to payments – always fitting to their respective life situation. Together with Mastercard, we plan to drive this development and supply it to our partners”, Wenthin explained.
In addition to contactless and mobile payment options, the innovation-based partnership will also focus on transaction opportunities in e-commerce. By joining forces, the companies plan to utilise the potential in this market sector and to scale various payment models.
[i] Nilson Report, 2016.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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solarisBank AG is the first Banking-as-a-Service platform with a full banking license that enables companies to offer their own financial products. Through APIs, partners gain access to solarisBank’s modular services including digital bank accounts and payment cards, identification and lending services, as well as services provided by integrated third party providers. Through this, solarisBank creates a highly developed technological banking ecosystem for fintechs and established digital companies, as well as banks and corporates.
After having established itself as the banking partner of choice for blockchain and crypto businesses, solarisBank founded solaris Digital Assets GmbH in 2019 to further drive the adoption of digital assets. The 100% subsidiary of solarisBank offers a custodial solution for digital assets to complement its existing banking services.
The Berlin-based company was founded back in 2016 and is led by CEO Dr. Roland Folz, board members Jörg Diewald, Dr. Jörg Howein and Thom Rasser, as well as COO Dr. Daniel Seifert and CTO Hima Mandali. To date, solarisBank has raised more than EUR 100 million from renowned investors, including BBVA, Visa, Lakestar, ABN AMRO’s Digital Impact Fund, Arvato Financial Solutions, SBI Group, finleap and yabeo.