Berlin-based financial technology startup Solarisbank AG has collected $224 million in a new funding round.

The latest financing round was conducted by Swiss investment firm Decisive Capital Management.

Solarisbank, which has raised over $400 million from investors since launching in 2016, was valued at $1.65 billion in the recent financing round.

With the new capital raised, Solarisbank is planning to purchase rival Contis Group Ltd.