Soldo, UK Fintech, which provides a multi-user expense account for businesses, has closed $ 61 million in category B financing.
Battery Ventures and Dawn Capital are leading the round Former supporters Excel and project linking. In addition, a small part is debt financing from Silicon Valley Bank. Bringing London's total to $ 82 million.
Founded by Carlo Gualandri, who previously helped create the first online bank in Italy, Soldo Offers a multi-user expense account for businesses of all sizes – from small and medium businesses to large companies – that need to deploy and manage expenses throughout the organization.
This allows you to manage your employee and departmental spend in real-time by combining Soldo, Dashboard, iOS and Android apps, Virtual Portfolios or MasterCards that are "prepaid" and can be distributed to employees, departments, even external consultants or contractors.
In addition, Soldo provides granular control tools for spending located at the core of the technical stack. This allows for different account criteria for each employee, contractor, or spending department, with permissions and all centrally tracked spending. It also allows users to capture receipt data, while the entire system is integrated with commonly used business accounting packages such as Xero, Quickbooks, Concur, Expensify, NetSuite, Zucchetti, SAP
When asked about the biggest challenge Soldo has faced over the past 12 months, Jowalandre said "market education", which he does not see changing anytime soon.
"When you do not know there is a solution, you do not call it a problem, but you just consider it a fact of life." "Spending management is a new category that replaces many old and outdated processes. [It] Allows companies to distribute access to money through control, enabling the most active and flexible institutions. The market will take some time to fully realize its transformational power. "
To this end, Jowalandre says that the most gratifying thing over the past year is the results achieved within the companies that started to adopt the Soldo program. "We have been recognized by thousands of companies from small to very large companies as an innovative and reliable provider of financial services," he says. "There is no small achievement in the most conservative traditional business world."
Soldo is not yet profitable, but Gualandre says it may be in a year or two if that is the goal. However, this means choosing "slower and more organic growth" given the presence of a very large market in front of Soldo "will not be the right choice." Most companies in Europe still use "recoverable expenses, spreadsheets and manual processes to manage the cycle of expense management" and the competition of Soldo remains largely the current way of doing things (although Pleo in Denmark, for example, Works in a similar space).
"We are a firm with a fixed cost base and good economies of the unit, so the break-even point depends on the amount of investment and the growth of the fixed cost base (because most of our investments are individuals) and customer volume and managed spending through our system," he says. "So, by deciding to invest in products and sales, we are actually targeting a larger revenue and profit base but later."
Meanwhile, the Soldo series of Round B will be used to increase growth in the UK, claiming the "leadership position", in Italy and Ireland. The company is also planning to enter new European markets and double its workforce over the next 12 months. Jolandre says Soldo will continue to invest in its product, too, to address "pain points" to manage additional spending.
"Travel expenses are the most common needs, but purchasing, buying goods, services, subscriptions, mobility expenses and employee benefits are all areas that can be invented and reflect the concept of managing the company's spending," he says.
At the same time, Soldo recently obtained an electronic license from the Irish Central Bank as well as its UK license so that it can continue trading within the European common market after Britain leaves the EU and in case of "no dealings". "It is crazy to think that we were forced to work for a year and a half in a very complex project, often repeating something we already had, to prepare our actions for something that might or might not happen, "Techcrunch said at the time Irish newly licensed license.