This is apparently the way business is done at the Solarisbank company

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

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 Finance Forward and Finance Forward has now been able to gain insight into its preliminary annual report.

This shows that the banking provider increased revenues from interest and commission income to €21.8 million in the last fiscal year, more than doubling. This is particularly evident in the case of commissions: Expenses of 7.6 million euros were offset by revenues of 26.1 million euros. According to calculations, the start-up thus earned an average of 27 euros per account per year, as both magazines report.

The interest business, on the other hand, has apparently plummeted from six million to 3.3 million euros. It used to look different: in 2018 and 2019, interest income still exceeded commission income. In addition to commissions, the fintech probably earned from other income, which accounts for 8.6 million euros. This includes own work capitalized as the largest item at €5.2 million. The most expensive item for the company is apparently personnel: in total, employees cost the Fintech 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 to expand our tech team, and we are proud to announce that 50 colleagues are already working in our new hub," says CTO Hima Mandali.