German Banking-as-a-Service company Solaris has sold its Engage business from Contis to UK alternative banking provider Suits Me.
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Solaris in September signalled the start of a major transformation programme which would see the sunsetting of its EMI and embedded finance business Solaris SE.
The EMI unit comprised Contis, the UK-based payment firm acquired by Solaris in 2021 and fully integrated under the EMI brand a year later.
Engage provides a BaaS platform for credit unions and community banks to embed cards, accounts and other payment infrastructure into their services.
The acquisition, completed for an undisclosed fee, includes the migration of all Engage Card customers’ accounts to Suits Me, subject to customer consent.
The deal dovetails neatly with Suits Me’s core business, which targets underserved communities, offering account holders a wide range of banking-like services, including online account access, contactless debit cards, direct debits and mobile apps.
Matthew Sanders, CEO of Suits Me, states: “This acquisition is not only an exciting growth opportunity for us, but it also aligns perfectly with our core mission: to make everyday banking more accessible and inclusive. We look forward to continuing the fantastic work started by Engage with credit unions, and we’re committed to building on their efforts to ensure our customers have the financial tools they need.”