Since its last funding round, Soldo has seen its growth explode fourfold and its employee numbers top 200 across four European offices.
Soldo, a European business expense automation platform, has closed an oversubscribed $180m Series C funding round, joining the likes of Revolut, ClearBank, Checkout.com and Starling Bank to have raised a ‘mega round’ of over $100m in recent weeks.
The latest funding round was led by Temasek, with new investors Sunely House Capital, Citi Ventures and existing investors Accel, Dawn Capital and Silicon Valley Bank also participating.
“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,” Carlo Gualandri, CEO and founder of Soldo said.
“It’s clear this category will see exponential growth as more businesses realise the benefits and Soldo is well placed to support them.”
Since the fintech’s last funding round in July 2019, Soldo has seen the spend volume on its platform increase fourfold and now counts more than 26,000 SME customers in over 30 countries, including Mercedes Benz, Gymshark and Brooks Running.
Using the new cash, Soldo plans to expand into new markets and further tap into the $170bn European market.
“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,” Mariano Dima, President of Soldo, added.
“In a study of CFOs and finance directors, Soldo revealed weak spending controls are costing European businesses two per cent 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.”
In the two years since its Series B, Soldo has also grown its employee numbers to over 200 staff across offices in London, Dublin, Rome and Milan and will use the fresh funding to open a new office in Benelux, France and Germany.