“I was hoping for 21,000 euros and got 10 cents” – Solaris employee reports on VSOP burglary

Last year was a downturn for Berlin-based Solaris Bank. It experienced just about everything: a demanding major project, the closure of a subsidiary, mass layoffs, and a near-liquidation. It wasn't until early 2025 that it became clear: a rescue was in order, and the fintech wouldn't have to shut down—although, as we're gradually seeing, this also brought a lot of bitter disappointment.

When the Japanese SBI Holding invested in the ailing company in January 2025, it not only secured a majority stake, but also did so on terms that were very favorable for the company and very unfavorable for existing investors. The Japanese investor paid around €100 million for a substantial stake, and the company's valuation, once valued at €1.4 billion, plummeted to €25,000 (pre-money, €90 million post-money). This was not only bitter for institutional investors and VCs like Finleap, HV Capital, and Yabeo. It was also a blow to all Solaris employees who, as is so common in the startup world, held shares or VSOPs—and thus the hope of one day receiving a lot of money.

We spoke with one of those affected. He told us how much money he had expected and how it feels when his hopes for a "financial big bang" are dashed. Below, he tells us in his own words how the virtual shares went for him. We place his account within the development of Solaris, providing context for what happened to the company and when. And, of course, we also confronted the company with our source's statements. A Solaris spokesperson also speaks in this text and explains what the Solaris VSOP program looked like and how it developed.