Neobank Solarisbank is growing rapidly – Bafin sends special auditors

Frankfort, New York It’s the second hard move against a finance startup in a short amount of time, albeit not quite as drastic. After the smartphone bank N26 was assigned a special watchdog by the Federal Financial Supervisory Authority Bafin and additional growth restrictions were imposed, it is now the Solarisbank that is affected.

According to information from financial circles in the Handelsblatt, the official letter from the supervisory authority appointing PwC as the auditor was in the Solarisbank mailbox last Tuesday. According to insiders, Bafin contacted the bank about this for the first time last November. The Bafin did not want to comment on request.

The background is a bank supervisory audit from 2020, which identified some serious deficiencies, for example in compliance. Solarisbank had actually agreed with the supervisors responsible for processing the 2020 fixed findings. According to banking circles, she has made good progress.