London fintech accelerates international market expansion with “record” $180m funding

A London-headquartered automation fintech has announced it has closed a $180m Series C funding round.

Soldo, a pay and spend automation platform, combines smart company cards with comprehensive management software allowing businesses and employees real-time visibility and cost control across all departments.

The investment round, led by Temasek, is the largest to date in the spend management category and a European record. New investors include Sunley House Capital, Advent International’s crossover fund, and Citi Ventures . Goldman Sachs acted as the exclusive placement agent to Soldo for the deal.

This investment follows a 4x growth in spend volume across Soldo’s platform despite the backdrop of the challenging macro-economic environment. The Series C funding will be used to accelerate international expansion and product development.

Carlo Gualandri, CEO and founder of Soldo said: “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.”

Simon Lambert, director at Sunley House, commented: “We are very excited to invest in Soldo. The company operates in a large and fast-growing market, and we are thrilled to partner with its outstanding management team as they seek to build Europe’s leading pay and spend automation platform.”

Luis Valdich, MD, Citi Ventures said: “Citi Ventures has been impressed by Soldo’s compelling strategy and market-changing mission to help businesses manage and control spend more efficiently. We look forward to supporting the company as it further expands its platform and transforms the future of business spend.”

Mariano Dima, Soldo President added: “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.”

Soldo serves more than 26,000 customers from small and mid-market to global enterprise in more than 30 countries.

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