Soldo, a London, UK-based fintech company creating payments and expense management solutions for businesses of all sizes, closed a $61m Series B round of funding.
The round, which brought Soldo’s funding total to $82m, was led by Battery Ventures and Dawn Capital, with participation from Accel, Connect Ventures and Silicon Valley Bank. In conjunction with the funding, Itzik Parnafes, a general partner at Battery Ventures and Josh Bell, General Partner at Dawn Capital, joined Soldo’s Board.
The company intends to use the funds to further consolidate its leadership position in the UK where it holds an e-money licence, Italy and Ireland, where it was recently awarded a second e-money licence from the Central Bank of Ireland, to scale into new European markets and double its workforce over the next 12 months.
Founded in 2015 by Carlo Gualandri, Soldo enables businesses to manage company-wide spending from one account. It allows administrators to create (Prepaid Mastercards) cards for employees and departments, handle spending limits and rules to proactively manage costs. In addition, a user app enables transaction data to be recorded at the point of purchase, and all data integrates with business accounting software such as Xero, Quickbooks, Concur, Expensify, NetSuite, Zucchetti and SAP.