German embedded finance leader Solaris today said it will sell the Engage division of its company to UK-based fintech firm Suits Me for an undisclosed sum, as part of its strategic shift after deciding to scale back operations in the UK. The deal also includes selling Engage Card accounts.
As an alternative banking provider, Suits Me is a company started in 2015, offering a range of personal banking services for the primarily unreached financial needs of underserved communities. The company’s mission is to further financial inclusion through accessible banking solution schemes for people who were otherwise locked out of mainstream financial services.
Engage is a Banking-as-a-Service (BaaS) platform that allows credit unions and community banks to add cards, accounts, and payment infrastructure into their offerings. From the consumer perspective, this means that the customer accounts of Engage’s customers will be migrated over to Suits Me at the whim of their customers. Suits Me Chief Executive Officer Matthew Sanders confirmed that the migration process has started and will be completed by mid-January, 2025. The company will try to match Engage’s current users with account types that best align with their historical usage patterns, Sanders said.
The acquisition is part of a strategic transformation that started in September 2024, when the company resolved to end some parts of its UK-based Electronic Money Institution, or EMI, business, which had been known in the past under the name Contis. Commenting on the move at the time, Solaris CEO Carsten Höltkemeyer said that this was a new chapter for the company, one marked by focusing on its core business and broader international growth.
A representative for Solaris emphasized continuity, saying the deal would guarantee that customers would have “uninterrupted service going forward”. “Solaris has worked hard to find a new home for Engage to secure that credit unions and customers will continue to get uninterrupted service,” said a spokesperson. The acquiring firm, Suits Me’s, assured them they would let them in on this transition process, ensuring them that customers would be smooth transferred to the acquiring firm’s platform.
Cheshire-based Suits Me has long been a partner of Solaris, having previously worked with Contis, which was acquired by Solaris in 2021. Suits Me initially chose to go live on the BaaS platform offered by Solaris but switched three years ago to PPS.
Suits Me claims that it will continue the work of Engage and specifically promises to keep going with its relationship with UK credit unions as part of its future organic and acquisition-driven growth.
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