- London-based spend management platform Soldo has raised $180 million in Series C funding.
- Founded in 2015, Soldo’s latest funding is led by Singaporean investment giant Temasek.
- The startup was established by Carlo Gualandri, the tech veteran behind Italy’s first online bank.
- See more stories on Insider’s business page.
A startup that tracks and digitizes business spending has raised $180 million in a round led by DoorDash-backer Temasek.
Soldo, a spend management platform, was founded in 2015 by Carlo Gualandri, a tech veteran who previously set up Fineco, Italy’s first online bank.
The London-based startup counts the likes of German automotive giant Mercedes Benz and tour guide marketplace GetYourGuide among its customers.
Soldo allows companies to see spending in real-time, provide pre-paid Mastercard debit cards to employees as well as external consultants, and can provide spending controls and receipt data which can be integrated into businesses accounting software.
“Spend is not expenses, spend is any way that companies manage their outbound payments with customers, suppliers and has many facets and use cases,” Soldo CEO Gualdandri told Insider.
“COVID-19 has made being a virtual business essential as everything is online, businesses that want to survive need to optimize their goods and services and be efficient.”
Gualandri cited the example of a company paying for a
subscription during the pandemic or more general spend like approving a new computer, office chair, or supplies. Soldo argues these transactions are usually manually and laboriously invoiced by a company. The London firm has estimated European companies lose as much as £301 billion ($409.5 billion) a year to what it describes as “outdated expense processes”.
In short, Soldo connects up different parts of a business, automates many of the processes involved with expenses – including a reduction in processing time – and digitizes receipts, invoices and other otherwise manual documentation on its cloud-based platform.
The company is an e-money institution in the UK and holds an e-money license in Ireland. Soldo competes with other startups like recent Danish unicorn Pleo and fellow London-based startup Payhawk. Soldo claims to support 26,000 companies in 30 countries.
“It’s never easy to fundraise so I can say that the process is always hard,” Gualandri added. “We’re talking about a lot of money and thorough investors but it’s a vote of confidence when we meet the standard of investors who understand the business so well.”
Alongside Singapore’s Temasek, the round includes new investors Sunley House Capital, Advent International’s crossover fund. US investor Citi Ventures also joined the fundraise with other existing backers like Accel, Battery Ventures, and Dawn Capital. Silicon Valley Bank provided debt financing in the deal.
In 2019, the company raised a $61 million Series B round led by Battery Ventures and Dawn Capital.
“With the pandemic no one knew if we could go to zero revenues, but we ended up growing revenues,”Gualandri said. “We cut all costs bar people and in order to do what we want to do we need to bring in a lot more of the best people.”
The company has four offices between London, Dublin, Milan and Rome and Soldo will look to bring in around 200 new employees across various functions over the next 18 months.
“Our target market is Europe and businesses come from different industries and segments so we will be building more products and more solutions for our customers,” Gualandri said.
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