Extend the presence directly in European markets and offer a single platform that manages the specificities of individual business processes while taking into account the various national regulations. This is the goal for Soldo, the main European platform of spend management company, with the resources collected in the last loan. The company closed a $ 180 million Series C round led by Temasek, the Singapore government’s venture capital fund, which saw the participation of new investors such as Sunley House Capital, Advent International, Citi Ventures, and the reconfirmation of actors such as Accel, Battery Ventures, Dawn Capital and Silicon Valley Bank for the debt financing.
The new investment comes after the company saw the volume of overall business expenses managed quadruple from Round B, which was made just two years ago.
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To date, Soldo has over 26,000 customers, from small and medium-sized enterprises to global companies, in more than thirty countries in Europe, given that the Old Continent will remain the focus at least for the next two years. To these customers, fintech, founded in London by Carlo Gualandri, provides a platform that offers real-time visibility of the cost control of all business divisions. “Our task is to reconstruct the logic of each individual business process, often based on obsolete criteria and consolidated uses, making people understand the potential for rationalization and efficiency of expenses, operations that turn into substantial savings for the company”, explains Gualandri. The inefficiencies in controlling expenses turn into costs that Soldo estimates at around 2% of turnover for European companies, giving rise to a potential market of 170 billion dollars for spend management.
“Soldo is the digital answer, in the name of rationalization, to the costly complexity that exists in the business world“, underlines the founder and CEO of Soldo, underlining how business expenses constitute a universe that goes from the management of wire transfers and credit cards to the reporting of every single transaction, from the expense report to reconciliation up to the analysis of the expense budget. For this reason Soldo, which already today combines corporate cards issued by the Mastercard circuit with a complete management software, aims at «one spend management at 360 degrees that is condensed into a single platform that allows the customer to integrate and manage in the same environment all the specific factors of each individual process and national peculiarities at a regulatory and fiscal level “, concludes Gualandri.
From this point of view, open banking enables new perspectives by allowing an actor like Soldo to access the data of the various banks of which the company is a customer by integrating all the accounts into a single platform and allowing the choice of where to start the individual payments.