Bafin sends special auditor to Solarisbank

According to a media report, the financial supervisory authority is sending an auditor to investigate the Berlin-based fintech's rapid growth more closely.

The German Federal Financial Supervisory Authority (Bafin) is having the fintech Solarisbank supervised by a special auditor. Solarisbank recently published a rough overview of its business volume in the past year. This shows that turnover in 2021 amounted to around 100 million euros. Thom Rasser, CFO of Solarisbank, commented on the company's success, saying that 2021 was an exceptional year in which accelerated growth was recorded in all areas.

However, the rapid growth is now also attracting the attention of Bafin. The reason for the financial regulator's intervention is said to be a banking supervisory audit from 2020. Compliance deficiencies were found there, as the Handelsblatt reported. As a result, an independent auditor from PWC is now to scrutinize the company on behalf of Bafin. The investigation should be completed by the middle of the year.

"We are in constant communication with Bafin on this topic and think it is good and right that we are having the proper implementation of our improvement strategy reviewed again by an independent observer," commented Roland Folz, CEO of Solarisbank, to Handelsblatt.