Soldo Raises $11 Million in Series A Funding

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Europe’s first multi-user spending account, Soldo, has today announced a Series A funding round of $11 million (£9 million), led by Accel and includes participation from Connect Ventures, InReach Ventures, U-Start and R204 Partners.

Spend management is a universal pain point, especially for small to medium-sized businesses, which represent about 99% of all the enterprises in the EU. Many existing solutions to managing company cash flow have proven inefficient, admin-heavy or leading to loss of control and security issues. Following a successful consumer launch with Soldo Family, Soldo Business (business.soldo.com) launched to simplify the flow of money associated with a company’s daily operations. It offers huge cost savings, transparency and streamlined management of company money with a prepaid expense account that enables the delegation, control and tracking of a business’ cash flow in real time.

Based on the Mastercard payment network and a proprietary software platform, Soldo Business is a simple solution for companies that want to manage their entire expense cycle efficiently, and enables a business to delegate, control and track company and employee expenses in real time. It provides a digital wallet, unlimited customisable prepaid cards, an admin dashboard, and an app for employees and collaborators on iOS and Android that allows users to add specific transaction information and photos of receipts, integrating easily with major business accounting packages.

The investment will be used to further strengthen Soldo’s proprietary technology and support growth, as the company expands in its current markets of the UK and Italy and launches throughout Europe. Increasing its marketing and business development functions will also play a large part in the rollout of its marketing strategy as it looks to further grow its customer base.

Soldo was developed by a highly skilled team of entrepreneurs and finance experts, with decades of experience launching and running finance, technology and media companies in Europe.

Carlo Gualandri, Founder & CEO of Soldo, said, “We were delighted our business account was first to market in the UK offering companies an entirely new way to automate company-wide expense accounting, effectively eliminating the workload required to manage cash advances for employees and track company cash flow. Since launch, we knew that businesses loved what we had to offer and bringing Accel on board as part of our Series A is testament to the hard work and dedication of our experienced team. We’re looking forward to growing Soldo Business across Europe and rolling out our marketing strategy, bolstered by one of the world’s most notable venture firms.”

Sonali de Rycker, Partner at Accel, who will join Soldo’s board, said, “We’re excited to be backing a truly world-class team with deep experience in both financial services and software, which is the killer combination needed to win in the spend management category. Soldo has started in two markets it knows well – UK and Italy – but spend management is a global pain point for SMBs that we feel is ripe for change.”

Alex Wakeford, Finance Director of Secret Escapes, one of the early adopters of Soldo’s Business account, said, “We now have 500 employees spread across 13 countries, so managing our individuals’ daily spend has become complex and untenable with a shared company card. We use Soldo across our UK and German companies to manage expenses in local currencies, and, we’re even able to use a virtual Soldo spending card for purchasing flight bundles. Soldo has brought tremendous efficiency to the business by reducing admin, providing our employees with more flexibility in their daily work and our finance team with an increased level of control.”

Accel has more than three decades of experience supporting hundreds of entrepreneurs in building their companies, many of which define their industries. These include businesses that are powering small and large enterprise today, including Atlassian, Dropbox, Funding Circle and Slack, as well as household names including Facebook and Supercell.

Designed from the ground up to be multi-market, language, jurisdiction and currency, Soldo has developed a cloud-based, full stack technology and is regulated by the FCA as an Electronic Money Institution and passported in 30 EEA states.

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