Expense management start-up Soldo raises $180m in Series C funding

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Fintech start-up Soldo has raised $180m in a Series C funding round led by Temasek.

The company, which provides multi-user expense accounts to businesses to manage their spending, raised $61m in a Series B round in 2019.

Soldo has its European headquarters in Dublin, which it opened last year and is led by Patrick Hayes. Following this funding round, its Irish headcount is set to double to 24 employees by the end of 2021.

The company was founded in London, and also now has offices in Rome and Milan.

The new capital brings the company’s total funding raised to date to more than $263m. As well as Singapore-based Temasek, participants in the Series C included existing backers Accel, Battery Ventures, Dawn Capital and Silicon Valley Bank, as well as new investors Sunley House Capital and Citi Ventures.

Soldo said the funding round was oversubscribed.

The company was founded in 2015 by Carlo Gualandri, a veteran of the fintech start-up scene. It allows clients to create multiple expense cards for departments or individual employees, and to set spending limits and rules through its app. It also interfaces with a number of enterprise accounting software suites.

Soldo says it has more than 26,000 clients from SMEs up to multinational corporations, spanning 30 countries. These include Mercedes-Benz, Gymshark, Bauli and Brooks Running. Last year, the Italian government used the company’s prepaid cards to distribute pandemic aid money.

Gualandri, who is the company’s CEO, said: “We are delighted to welcome Temasek as the lead investor. With a track record of investing in category-leading fintechs, Temasek’s insights will be valuable to us as we scale our platform and offering.

“Managing business spend is costly and challenging, yet Soldo continues to demonstrate its value and ease to customers of every size and across every industry. It’s clear this category will see exponential growth as more businesses realise the benefits, and Soldo is well placed to support them.”

Luis Valdich, managing director at Citi Ventures, added that Soldo has a “compelling strategy” to help businesses manage and control spend more efficiently. “We look forward to supporting the company as it further expands its platform and transforms the future of business spend.”

Fintech continues to be a sector of significant competition. In early July, Soldo competitor Pleo was valued at $1.7bn in its latest funding round, while a senior member of Soldo’s Italian team moved to Dublin-headquartered CleverCards.

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