Soldo, the London-based fintech, recently closed a $61 million Series B round. The round was led by Battery Ventures, global investment firm with a focus on technology and extensive experience in cloud software, and Dawn Capital, Europe’s largest venture capital fund dedicated to B2B software and fintech.
Soldo has created the next generation of payments and expense management solutions for all kinds of businesses.
With the Series B funding the company plan to boost their position in the UK, Italy and Ireland. Soldo also plans to use the funding to scale into new European markets and double the company’s workforce over the next 12 months.
The Series B funding also saw participation from global VC firm Accel, Connect Ventures and Silicon Valley Bank. This latest round brings Soldo’s total funding to $82 million.
Soldo enables companies to continue using their existing bank accounts, but provides a dedicated spending account. This account pre-emptively controls and streamlines the spend management cycle, creating an integrated and effective solution to businesses spending and banking needs.
Soldo’s prepaid Mastercards and intuitive app means transaction data is recorded at the point of purchase. All the data from the card is integrated seamlessly with business accounting software such as Xero, Quickbooks, Concur, Expensify, NetSuite, Zucchetti and SAP, making it easy for businesses to get an handle on their finances.
Founder and CEO of Soldo, Carlo Gualandri, said, “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.”
“With more employees now empowered to incur business expenses, and more expense-management processes moving to the cloud, today’s corporate-expense programs must adapt to keep up—in Europe as well as the U.S.,” said Itzik Parnafes, a general partner at Battery Ventures.
“We are excited to partner with Carlo and his team as Soldo continues to expand and push the envelope of what’s possible in next-generation expense management.”