Soldo Financial Services Ltd., a British fintech startup working to streamline businesses expense management workflows, has recently announced raising $61 million in a Series B funding round led by Battery Ventures and Dawn Capital. Reportedly, Accel and Connect Ventures, which led the startup’s prior $11 million raise in 2017, also participated in the round, alongside Silicon Valley Bank.
For the record, Soldo operates a cloud-based expense management platform used by over 40,000 organizations worldwide. The company enables firms to set up business spending accounts, issue prepaid cards to employees and control purchases through a centralized dashboard. It also allows managers to create ‘expense center’ accounts for departmental purchases.
Soldo enables different expense criteria for each employee, contractor or spending department, with permissions set and all spending trackable centrally. It further allows users to capture receipt data, while the whole system integrates with commonly used business accounting packages such as Expensify, NetSuite, Xero, QuickBooks, Concur, Zucchetti and SAP.
The platform also includes various security controls for protecting business finances. For instance, Soldo provides the means to disable cards remotely if reported stolen, limit its use to specific geographic regions and turn off certain payment features if necessary.
Commenting on the investment, Carlo Gualandri, Founder & CEO, Soldo, said that their firm is recognized by thousands of small and large companies as an innovative and reliable provider of financial services. He said that Soldo is in effect, targeting a larger revenue and profit base with plans to invest in products and sales.
Adding further Gualandri said that Soldo will continue to invest in its product, in order to tackle spend management pain points.
Reliable reports claim that Soldo will use the recent investment to expand across the U.K., where it holds a leadership position, and in Ireland and Italy. It also plans to enter new European markets and double its workforce over the next 12 months.
Source Credit: https://techcrunch.com/2019/07/07/soldo-series-b/
https://siliconangle.com/2019/07/08/soldo-raises-61m-centralize-expense-management-companies/