Soldo, the London-based fintech creating the next generation of payments and expense management solutions for businesses of all sizes, has closed a USD61 million Series B round led by Battery Ventures, a global technology-focused investment firm with extensive experience in cloud software, and Dawn Capital, a European venture capital fund dedicated to B2B software and fintech.
The funding round includes participation from Accel, the global VC firm – whose portfolio companies include Facebook and Slack – Connect Ventures and Silicon Valley Bank, bringing Soldo’s funding total to USD82 million.
Soldo’s Series B round is the largest to date for a financial technology company in the spend management space, and includes participation from some of the world’s most high-profile technology investors, firmly cementing Soldo’s leadership position in a sector with a potential reach of 20 million businesses across Europe.
Soldo is an integrated and effective solution that enables companies to continue using their existing bank accounts, but provides a dedicated spending account which preemptively controls and streamlines the spend management cycle. Prepaid Mastercards and an intuitive user app enables transaction data to be recorded at the point of purchase, and all data integrates seamlessly with business accounting software such as Xero, Quickbooks, Concur, Expensify, NetSuite, Zucchetti and SAP.
Its growth has been bolstered by the fact that it serves businesses of all sizes; from microbusinesses and SMEs through to companies with thousands of employees. Soldo is the only enterprise-ready solution currently on the market.
Founder and CEO of Soldo, Carlo Gualandri, says: “I’m very proud of the team’s achievements over the past 12 months, but we have barely scratched the surface of the opportunity ahead of us. There are over 3 million businesses in our target markets, the UK and Italy, and over 5.5 million businesses in the next three largest markets in Europe. Most of these businesses are still using reimbursable expenses, spreadsheets and manual processes to manage the expense management cycle. The time saving and additional control over company spending and expense management that Soldo offers businesses of all sizes is a true game-changer, and we will continue to accelerate growth and consolidate our position as market leaders in the UK, Italy and Ireland over the next 12 months.”