Solda has raised $180 million in a Series C funding round led by Singapore-based Temasek. The European pay and spend automation platform reports that the investment round is the largest in its category to date.
The funding round included new investors Sunley House Capital, Advent International’s crossover fund, and Citi Ventures. Existing investors also participated including Accel, Battery Ventures, Dawn Capital, and Silicon Valley Bank for debt financing.
Soldo says the funding followed a 4X growth in spend volume on its platform since its Series B round. The new capital will be used to accelerate product development and market expansion across Europe. Soldo closed a $61 million in Series B funding in July 2019.
Carlo Gualandri, CEO and founder of Soldo, said they were delighted to have 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.”
Traditionally, corporate payments have had a handful of methods: bank transfers, corporate credit cards, etc. Each of these methods bring a unique set of administrative hassles and security risks. Soldo is a digital solution to managing these payments. Soldo simplifies the everyday life of employees who regularly deal with painful expense reports. The mobile app facilitates receipt and transaction capture right at the point of purchase. Soldo reports that it serves over 26,000 customers from small and mid-market to global enterprises in more than 30 countries. Its customers include Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running.
Simon Lambert, a director at Sunley House, Advent International’s crossover fund, said their experience in software and payments technology gives them deep insight and they are confident Soldo stands at the forefront of finance digitalisation.
“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.”
Luis Valdich, Managing Director, Citi Ventures said his group has been impressed by Soldo’s strategy and market-changing mission to help businesses manage and control spend more efficiently.
Mariano Dima, Soldo President explained their biggest reason for their service is due to disconnected payment systems and manual, time-consuming processes.
“In a study of CFOs and finance directors, Soldo revealed weak spending controls are costing European businesses 2% of their annual turnover through the pandemic. This is a costly reality that Soldo aims to eradicate – by making employees’ lives easier and businesses more aware of all costs – because only then will they be able to truly control their spending and be prepared to prosper post-pandemic and beyond.”