Soldo offers a business financials management platform that gives companies real-time visibility and cost control over expenditures, consolidating payments, receipts, expense reports, and budgets. The company serves more than 26,000 customers, including Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running, across over 30 countries. Founded in 2015, Soldo positions itself as a digital solution to corporate payment and expense-management inefficiencies. With the new funding, the company plans to accelerate international expansion and product development. Financially, Soldo has raised just over $263 million to date, combining its latest round with prior financing. The platform also uses debt financing as part of its capital structure. Soldo builds a payments and expense-management platform that enables businesses to manage company-wide spending from one account. It issues Prepaid Mastercards for employees and departments, allows administrators to set spending limits and rules, and records transaction data via a user app at the point of purchase. Transaction and expense data integrate with accounting software including Xero, Quickbooks, Concur, Expensify, NetSuite, Zucchetti and SAP. Founded in 2015 by Carlo Gualandri, Soldo recently closed a $61m Series B that brought its total funding to $82m. The round was led by Battery Ventures and Dawn Capital, with participation from Accel, Connect Ventures and Silicon Valley Bank; Itzik Parnafes (Battery) and Josh Bell (Dawn) joined Soldo’s board. The company plans to use the proceeds to consolidate its leadership in the UK (where it holds an e-money licence), Italy and Ireland (where it was awarded a second e-money licence from the Central Bank of Ireland), expand into new European markets and double its workforce over the next 12 months. Soldo provides cloud-based spend management services for families and businesses, with business accounts running on Mastercard’s network combined with Soldo’s own software for expense and spend tracking and automation. The company sells tools to automate company-wide expense accounting and reduce workload around cash advances and cash-flow tracking. The product is currently available in the UK and Italy, and the company has pencilled in broader European expansion plans. Soldo says the new funding will be invested in further developing its proprietary technology. CEO Carlo Gualandri emphasized the company’s early market position in offering automated business expense accounting. An Accel partner will be joining the company’s board as part of the round. Soldo provides an app for family and multi-user spending accounts that lets account holders delegate a wallet and MasterCard-issued debit card to other users in their network. Holders can set budgets and spending controls, enable or disable cards, and receive real-time spending alerts. The company charges subscription fees per user per month and additional fees for premium services. Soldo launched formally in the UK and Italy after operating in stealth for about a year and a half and after receiving FCA approval in 2015. CEO Carlo Gualandri says the startup targets families and couples first, with plans to offer the service to businesses later. The company plans to expand to other European markets — Spain, France, Portugal and Germany — starting in 2017.

Total raised

$252M

Funding rounds

4

Latest round

Series C

Latest activity

Jul 2021