Soldo rakes in $180m from Temasek-led Series C

UK PayTech firm Soldo has closed a $180m Series C funding round led by investor Temasek.

The capital raise also saw participation from Sunley House Capital, Advent International, Citi Ventures, Batter Ventures, Silicon Valley Bank, Dawn Capital and Accel.

Founded in 2014, Soldo is a multi-user spending account that allows companies to manage its entire expense lifecycle and manage employees’ expenses. Key customers of the company include Gymshark, Mercedes Benz, Brooks Running and GetYourGuide.

This recent funding builds on the company’s $61m Series B raise in July 2019. Since then, Soldo has increased its workforce to over 200 employees across Dublin, London, Milan and Rome.

According to Soldo, this recent raise will see the company deepen its focus on new markets such as France, Germany and Benelux.

Soldo president Mariano Dima said, “We know senior finance employees and CFOs currently spend more than half of their time on cumbersome tasks, and the biggest reason for this 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.”

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