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.
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