At a Glance
Soldo raised $180M in an oversubscribed Series C round led by Temasek. Employers may use Soldo to provide prepaid business cards to their employees that are linked to an automated expense management system. Soldo is a platform that allows employers to give their workers prepaid business cards that are linked to an automatic expense management system.
Soldo, an expense management platform, has raised $180 million in an oversubscribed Series C funding round led by Temasek. Other participants include Citi Ventures, Sunley House Capital, Advent International’s crossover fund, and previous backers Battery Ventures, Accel, and Dawn Capital. Silicon Valley Bank also provided an undisclosed debt fund.
Soldo is a platform for issuing prepaid business cards to employees that are linked to an automated expenditure management system. It also connects with the most common accounting systems used by businesses today, such as NetSuite, QuickBooks, Zucchetti, and Xero, via APIs, as well as possibilities to link Soldo to more than 50 expenditure management services, such as Concur and Expensify.
The essence of Soldo’s problem is that costs are often a fragmented, non-digitized company, and workers who rack up expenses are typically not accountants, which means that effectively handling them is not one of their main strengths. Also, Expenses are paid via corporate credit cards or bank transfers. The former may be costly and difficult to manage, while the latter has its own set of issues: it’s a lengthy procedure that frequently needs many individuals to complete payment.
To address this, Soldo proposes making it easier to provide prepaid cards to employees in order to manage better to spend on them. It then connects the card to an app, which generates automated reminders every time you make a transaction with the card, reminding you to take a picture of the receipt and submit it.
Soldo’s vision is manage the total spend across the breadth of a company, whether that be advertising, software subscriptions, travel and entertainment, vendor management or salaries across all payment methods. When we look at this way, expense management is only one of the many possible use cases, and cards are only one of the many ways that a company might transfer money to suppliers.Carlo Gualandri, CEO and founder of Soldo, told TechCrunch
He added that they have a larger and more comprehensive focus on handling all of a company’s conceivable demands beyond travel and costs. This is crucial, Mr. Gualandri said, because the value of a spend management platform to a client grows as a larger portion of the company’s spend is transferred onto it.
Our experience in software and payments technology gives us deep insight, and we are confident Soldo stands at the forefront of finance digitalization. The company operates in a large and fast-growing market, and we are thrilled to partner with its outstanding management team as they seek to build Europe’s leading pay and spend automation platform.Simon Lambert, a director at Sunley House, Advent International’s crossover fund
Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running are among Soldo’s 26,000 clients, span 30 countries, and range from tiny medium-sized businesses to mid-market organizations and huge multinationals.