London-based FinTech firm Soldo has closed a $61m round.
The Series B round is the largest to date for the FinTech company which operates in in the spend management space.
The round was led by Battery Ventures, a global technology-focused investment firm and Dawn Capital, Europe’s largest venture capital fund dedicated to B2B software and FinTech.
Soldo provides businesses with the ability to continue using their existing bank accounts, but provides a dedicated spending account which pre-emptively controls and streamlines the spend management cycle.
Prepaid Mastercards and an accompanying 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.
Its growth has been bolstered by the fact that it serves businesses of all sizes; from microbusinesses and SMEs through to companies with thousands of employees. Soldo is the only enterprise-ready solution currently on the market.
“I’m very proud of the team’s achievements over the past 12 months, but we have barely scratched the surface of the opportunity ahead of us,” said Founder and CEO of Soldo, Carlo Gualandri.
“There are over 3 million businesses in our target markets, the UK and Italy, and over 5.5 million businesses in the next three largest markets in Europe.
“Most of these businesses are still using reimbursable expenses, spreadsheets and manual processes to manage the expense management cycle.”
The funding will be used to bolster the firm stronghold in the UK, Italy and Ireland, where it holds an ‘e-money licence’, allowing its users to make cashless payments with money stored on a card.
Funding will also be used to scale into new European markets and double Soldo’s workforce over the next 12 months.
Itzik Parnafes, a general partner at Battery Ventures added: “With more employees now empowered to incur business expenses, and more expense-management processes moving to the cloud, today’s corporate-expense programs must adapt to keep up—in Europe as well as the U.S.”