European pay and spend automation platform Soldo has announced that it has closed a $180 million oversubscribed Series C funding round. The fundraise was led by Temasek, a global investor headquartered in Singapore.
Carlo Gualandri, CEO 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. 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. It’s clear this category will see exponential growth as more businesses realise the benefits and Soldo is well placed to support them.”
Mariano Dima, Soldo President, added, “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. 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 closed $61 million in Series B funding in July 2019 and has since increased the size of its business with more than 200 employees across offices in London, Dublin, Rome, and Milan.
