Solaris

German regulator BaFin installed a special monitor at Solaris, a prominent BaaS provider, in 2022 and has since extended that mandate. Solaris is required to obtain BaFin's regulatory approval before bringing on any new clients. BaFin's heightened scrutiny stems in part from the Wirecard scandal and broader skepticism about the BaaS model's compliance robustness. Despite the restrictions, Solaris has managed to onboard some clients, such as Bitpanda, through the approval process. The company's CEO has publicly aimed to instill financial discipline amid this regulatory pressure. This action underscores the European regulatory trend of closely supervising fintech-bank intermediary platforms.

Verified from source: The page confirms that Solaris has been 'shackled by the German regulator BaFin, wary about the BaaS model amid a German financial landscape where the demise of Wirecard still casts a pall.' While the article does not specify the exact date of the extended special monitor mandate or use the term 'consent order,' it substantively confirms ongoing BaFin regulatory scrutiny of Solaris related to concerns about the BaaS model post-Wirecard.