Soldo is a fintech startup based out of London that provides a multi-user ‘spend management’ platform to various business organizations. As per today’s reports, the company has attained a record figure of $61 million in its Series B funding. The funds are expected to be used for the startup’s expansion plans in the UK, where it is currently number 1, as well as in Italy and Ireland.
Battery Ventures and Dawn Capital led the funding round, with Accel and Connect Ventures participating too. Also, a minor portion of the funding comes from Silicon Valley Bank via debt financing. All this has helped Soldo raise a total amount of nearly $82 million.
Soldo was started by Carlo Gualandri who played a prominent role in the foundation of the first ever online bank in Italy. The organization is involved in providing a multi-user spending account for all types of business companies, regardless of the size. As a result, it is currently serving SMEs and large enterprises alike. They require assistance from Soldo in arranging and managing their expenses across the entire company.
Soldo facilitates real-time management of company expenditure department-wise and employee-wise. This can be done by offering a combination of Soldo account, central dashboard, apps built for iOs, Android and other online wallets, and physical pre-paid MasterCards. These can be provided to the company employees or in general departments, or even to outside consultants and contractors.
According to Gualandri, the biggest challenge for Soldo during the last one year has been “educating the market.” He adds that the situation is not even likely to change in the near future. “When you don’t know that a solution exists, you don’t even call it a problem but you consider it just a fact of life. Spend management is a new category that replaces many old and outdated processes. It allows companies to distribute access to money with control, enabling flatter and more agile organizations. It will take time for the market to fully realize its transformational power.”