UK-based PayTech Soldo has raised $61m in its Series B investment round to close its biggest round since launch.
The round was led by Battery Ventures and Dawn Capital, with participation from Accel, Connect Ventures and Silicon Valley Bank.
This latest round brings the Soldo’s total funding raised to $82m, after the firm pulled in $11m for its Series A round led by Accel in 2017.
Soldo is a multi-user spending account, based on Mastercard’s payment network and its own software platform, to allow companies to manage its entire expense lifecycle and manage employees’ expenses.
This platform offers users savings, transparency and company money management, helping to provide delegation, control and tracking of the business’ cashflow.
Soldo said in an official release it will use the funding to consolidate its position in the UK, Italy and Ireland.
It has also planned to expand into new European markets and double its employee headcount over the next 12 months.
Soldo founder and CEO Carlo Gualandri, said, “I’m very proud of the team’s achievements over the past 12 months, but we have barely scratched the surface of the opportunity ahead of us. There are over 3 million businesses in our target markets, the UK and Italy, and over 5.5 million businesses in the next three largest markets in Europe.
“Most of these businesses are still using reimbursable expenses, spreadsheets and manual processes to manage the expense management cycle. The time saving and additional control over company spending and expense management that Soldo offers businesses of all sizes is a true game-changer, and we will continue to accelerate growth and consolidate our position as market leaders in the UK, Italy and Ireland over the next 12 months.”
In March last year Soldo secured a e-money licence from the Irish central bank.