This is apparently how business is going at Solarisbank

According to a media report, the fintech earned more from commission business than from interest business in the 2020 financial year, and its employees are the most expensive.

Many fintechs that do not have their own banking license often end up with the provider Solarisbank. Customers include Trade Republic, Bison and Tomorrow. The portals financial scene and Finance Forward have now been given an insight into the preliminary annual report.

It shows that the banking provider more than doubled its net interest and commission income to EUR 21.8 million in the past financial year. This is particularly evident in commissions: Expenses of 7.6 million euros were offset by revenue of 26.1 million euros. According to calculations, the start-up earned an average of 27 euros per account per year, as both magazines report.

The interest business, on the other hand, has apparently fallen from six million to 3.3 million euros. Things used to look different: in 2018 and 2019, interest income still exceeded commission income. In addition to commission, the fintech probably earned other income, which amounted to 8.6 million euros. This includes capitalized own work as the largest item at 5.2 million euros. The most expensive aspect for the company is apparently its staff: employees cost the fintech a total of 26.5 million euros.

In addition to the preliminary report, there is also other news from the fintech: the Ukrainian subsidiary of the Berlin-based company is opening a tech hub to attract new talent. "We believe that the Ukrainian market offers the ideal environment for the expansion of our tech team and we are proud that 50 colleagues are already working in our new hub," says CTO Hima Mandali.