Soldo closes £180m funding round

UK FinTech Soldo has secured $180 million in a series C funding round led by Temasek.

The company, which offers automated payments and spending management technology for businesses, said it will use the cash to fuel its plans for international expansion.

The round includes new investors Sunley House Capital, Advent International’s crossover fund, Citi Ventures and continued backing from Accel, Battery Ventures, Dawn Capital, and Silicon Valley Bank for debt financing.

Goldman Sachs acted as the exclusive placement agent to Soldo for the deal.

The round comes after Soldo closed a $61m series B investment in July 2019. It has since expanded its headcount to more than 200 employees in offices across London, Dublin, Rome, and Milan.

The latest funding round will see the company deepen its focus on new markets including Benelux, France and Germany where Soldo said it sees “immense” potential for growth.

Soldo’s existing customers including Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running.

Its technology enables employees to spend company money on services such as travel and entertainment, advertising, purchases, software subscriptions, and e-commerce,.

Financial decision-makers can control costs with custom budgets and real-time tracking of transactions.

Carlo Gualandri, chief executive and founder of Soldo said: “We are delighted to welcome Temasek as the lead investor. With a track record of investing in category-leading FinTechs, Temasek’s insights will be valuable to us as we scale our platform and offering.

"It’s clear this category will see exponential growth as more businesses realise the benefits and Soldo is well placed to support them.”

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