(Bloomberg) -- Japan’s SBI Holdings Inc. agreed to take a stake of more than 70% in Solaris SE as part of a new fundraising round for the German fintech, according to a person familiar with the matter.

Solaris secured about €100 million ($103 million) from SBI for the stake and it will also raise money from German exchange operator Börse Stuttgart and existing investors, bringing the total funds raised to about €150 million, the person said, asking not to be identified discussing internal information. Other elements such as new AT1 bonds are also part of the deal, the person added. 

“Solaris has reached an important milestone in its financing process,” a spokesman for Solaris said by email on Monday. “A group of investors and partners have developed a coordinated financing concept that has been submitted to our shareholders for approval,” he said, without identifying the investors.

“The final investment agreement is expected to be concluded this month,” he said. 

Spokespeople for SBI and Börse Stuttgart had no immediate comment.

The money will secure funding until Solaris expects to reach profitability in about two years, the person said. SBI led a €96 million funding round in March.

Solaris was valued at about $1.6 billion in 2021, according to Pitchbook. 

Solaris, which provides white-label services to other lenders, has struggled to break even amid a dispute with German financial regulator BaFin, write-downs on an acquisition and costs related to the onboarding of a credit card portfolio of German motorist club ADAC. It has slashed headcount to about 450 from more than 700 in an effort to bring down costs, Bloomberg News reported last month. 

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