Expense management has long been a pain point for employees and accounting departments: for many, tracking and parsing how money is spent on behalf of a company is just too bogged down in legacy software ill-equipped to handle more modern demands. Today, a UK startup building solutions to bring the process into the 21st century is announcing a major round of funding to double down on its growth.
Soldo, which provides a platform to issue employees with prepaid company cards that are linked through to an automated expense management system, has closed $180 million in funding. Soldo currently has some 26,000 customers, ranging from small medium-sized businesses, through to mid-market enterprises and up to large multinationals across 30 countries, with Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running among some of the more popular of them. Alongside that, by way of APIs, it also integrates with the popular accounting packages used by organizations today — NetSuite, QuickBooks, Zucchetti, and Xero, along with options to connect Soldo to more than 50 expense management platforms including Concur and Expensify.
The round, a Series C, is being led by Singapore’s Temasek, with Sunley House Capital, Advent International’s crossover fund, Citi Ventures, and …read more
Source: Tech Crunch