Bafin sends special auditor to Solarisbank

According to a media report, the financial regulator is sending an auditor to take a closer look at the rapid growth of the Berlin-based fintech.

The German Federal Financial Supervisory Authority (Bafin) is having the fintech Solarisbank supervised by a special auditor. Just recently, Solarisbank published a rough overview of its business volume last year. This showed that sales in 2021 amounted to around 100 million euros. 2021 was an exceptional year in that accelerated growth was recorded in all areas, commented Thom Rasser, CFO of Solarisbank.

However, the rapid growth is now also prompting Bafin to take action. The reason for the intervention of the financial supervisory authority is said to be a banking supervisory audit from 2020. There, compliance deficiencies had been identified, as the Handelsblatt reports. As a result, an independent auditor from PWC is now to take a close look at the company on behalf of Bafin. The investigation is to be completed by the middle of the year.

"We are in permanent exchange with Bafin on this topic and think it is good and right that we have the proper implementation of our improvement strategy reviewed again by an independent observer," Solarisbank's chief executive Roland Folz told Handelsblatt.