Spain's BBVA Invests in Banking Platform SolarisBank
By Pietro Lombardi
Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) is investing in German banking platform solarisBank AG, the Spanish bank said on Thursday.
BBVA has joined a 56.6 million euros ($70.3 million) series B funding round in the Berlin-based fintech company and is also buying a stake in solarisBank from UniCredit SpA's (UCG.MI) German unit, it added. Financial details weren't disclosed.
The two-year-old digital banking platform's funding round includes renewed investments from existing investors, Japan's SBI Group and Bertelsmann's Arvato Financial Solutions, as well as new investors, BBVA said.
Besides the Spanish bank, ABN Amro, Visa and Lakestar took part in the round, which is subject to approval by authorities.
"The newly raised funds will support solarisBank's growth strategy, further develop its digital platform and product portfolio, as well as expansion to other international markets," BBVA said.
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(END) Dow Jones Newswires
March 08, 2018 06:10 ET (11:10 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.