Soldo, A Spend Management Fintech, Has Closed A Record $180 Million Series C Round

Soldo | July 22, 2021

Soldo, the leading European pay and spend automation platform, today announced the completion of a $180 million Series C investment round, a European record in the spend management category. Temasek, a significant global investor headquartered in Singapore, led the funding.

Sunley House Capital, Advent International's crossover fund, and Citi Ventures are among the new investors in the round, which also includes debt funding from Accel, Battery Ventures, Dawn Capital, and Silicon Valley Bank. Goldman Sachs served as Soldo's exclusive placement agent for the transaction.

Despite the adverse macroeconomic situation, this investment follows a 4x increase in spend volume throughout Soldo's platform since series B. The European pay and spend automation platform from Soldo provides organisations with real-time visibility and expense control across all departments. Soldo will be able to continue accelerating product development and market expansion across Europe's $170 billion addressable market as a result of the fundraising round.

Soldo is uniquely positioned to assist businesses in managing their spend, having served over 26,000 customers ranging from small and mid-market to multinational corporation in over 30 countries. Whether it's in the travel and entertainment industry, internet advertising, vendor management, software subscriptions, or anything else. Mercedes-Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running are among its clients.

Carlo Gualandri, Soldo's CEO and Founder, stated: "We are thrilled to have Temasek on board as the lead investor. Temasek's insights will be beneficial to us as we scale our platform and product, given they have a track record of investing in category-leading fintechs. Managing business spend is expensive and difficult, but Soldo continues to demonstrate its value and ease of use to customers of all sizes and industries. This category will undoubtedly increase exponentially as more firms realise the benefits, and Soldo is ideally positioned to assist them."

Corporate payments have traditionally been made via a few methods: bank transfers and corporate credit cards. Each of these solutions comes with its own set of administrative headaches and security threats. Of course, once the transactions are completed, there is a blur of receipts, expenditure reports, classification and reconciliation, budgeting, and analysis – none of which are linked. Soldo is the digital solution to this enormously expensive problem.

According to Simon Lambert, a director at Sunley House, Advent International's crossover fund: "We are thrilled to be investing in Soldo. Our background in software and payments technology provides us with a unique perspective, and we are certain that Soldo will be at the forefront of financial digitalization. We are excited to work with the company's great management team to establish Europe's premier pay and spend automation platform in a broad and rapidly growing market."

Soldo's spend management platform, which has been under development for five years, is built on a wholly owned technological stack and is supported by regulated financial services and payments infrastructure. Customers may connect with 50+ cost management platforms, including Concur and Expensify, using Mastercard Smart Data, allowing Soldo to innovate faster and integrate with top accounting software such as NetSuite, QuickBooks, Zucchetti, and Xero.

Citi Ventures Managing Director Luis Valdich stated: "Citi Ventures was struck by Soldo's intriguing strategy and game-changing aim to assist businesses better manage and control their spending. We are excited to work with the company as it extends its platform and impacts the future of business spending."

Soldo also makes life easier for employees who have to deal with difficult expense reports, misplaced receipts, and are frequently out of pocket. The mobile app enables receipt and transaction capture at the point of sale.

"We know senior finance employees and CFOs presently spend more than half of their time on tedious duties, and the major cause for this is due to unconnected payment systems and manual, time-consuming processes," stated Mariano Dima, Soldo President.

"In a survey of CFOs and finance directors, Soldo discovered that lax expenditure controls are costing European firms 2% of their annual revenue due to the pandemic."
This is an expensive reality that Soldo hopes to eliminate – by making employees' life easier and businesses more aware of all costs – because only then will they be able to truly control their expenditure and thrive post-pandemic and beyond."

Soldo raised $61 million in Series B funding in July 2019 and has since grown dramatically in size, employing over 200 people across locations in London, Dublin, Rome, and Milan. The fresh amount of funding will allow the company to hone in on new regions such as Benelux, France, and Germany, where Soldo sees enormous potential for hyper-growth.

About Soldo
Soldo is a European pay and spend automation technology that integrates Mastercard® smart corporate cards with comprehensive management software. Soldo is used by over 26,000 firms, ranging from tiny businesses to multinational corporations, in over 31 countries to manage and control expenditure.

Soldo, headquartered in the United Kingdom, with offices in Dublin, Milan, and Rome, enables customers such as Mercedes-Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running to spend business money on travel and entertainment, advertising, purchases, software subscriptions, e-commerce, and more. Custom budgets and real-time transaction tracking allow financial decision-makers to regulate every expenditure.

Begin spending more wisely.

We are honoured to have the backing of some of the world's most influential investors, including Accel, Battery Ventures, Citi Ventures, Dawn, Silicon Valley Bank, Advent International, and Temasek.

About Temasek
Temasek is a Singapore-based investment firm with a net portfolio value of S$381 billion (€241 billion, £206 billion) as of March 31, 2021.Temasek Charter specifies its three duties as an Investor, Institution, and Steward, as well as its attitude of doing well, doing right, and doing good. It aspires to facilitate answers to important global concerns as a provider of catalytic finance. With sustainability at the heart of all Temasek does, it actively pursues sustainable solutions to current and future challenges, as well as investible opportunities to ensure a sustainable future for everybody.


The world has an apparent love-hate relationship with the economic social system, capitalism...

Other News

Coast Central Credit Union Selects Access Softek’s Access Digital to Create a Digital-First Banking Experience

Coast Central | May 26, 2022

Coast Central Credit Union ($2.1 billion in assets) has selected Access Softek’s Access Digital, an omnichannel digital banking platform, for its comprehensive digital banking capabilities, tight integration with Corelation’s KeyStone core, real-time fraud protection, and conversational banking solutions to provide members with enhanced service across all digital channels. The credit union selected Access Softek because of the company’s innovative use of AI to power digital banking, fraud protection and member service features, such as conversational banking. The conversational banking chatbot will utilize advanced machine-learning capabilities to respond to commands and direct customers to the right solutions. Access Softek’s AI-powered chatbots leverage machine learning algorithms to answer a member’s question and share the appropriate answer in real-time. For more than 70 years, Coast Central has held a firm commitment to providing superior service in every member channel, so the expectations of both members and the credit union around technology are high, Access Softek’s AI-first approach will enable our members to efficiently complete banking tasks more efficiently into the future from wherever they happen to be, whenever they need it. We see Access Softek as a true partner in our priority to stay relevant and innovative, and we believe the team is as committed to providing quality service to us as we are to our members.” John Gracyalny, Vice President of Digital Member Services. Access Softek’s full suite of digital banking solutions enable members to connect with their credit union in a variety of ways and complete banking tasks regardless of branch hours. The mobile and online banking solutions work seamlessly together to create a true omnichannel experience for members. Access Softek’s end-to-end banking services will enable credit unions, like Coast Central, to personalize the digital experience, We are pleased to partner with Coast Central Credit Union and provide them with innovative digital banking solutions to meet the evolving needs of their members.” Chris Doner, founder and CEO of Access Softek. About Coast Central Credit Union Founded in 1950, Coast Central Credit Union (CCCU) is the largest member-owned financial institution in the Northern California counties of Humboldt, Del Norte, and Trinity, operating 11 Member Services Branches. CCCU has over 76,000 members, or 42% of the tri-county population, a 37% deposit market share, is the number one ranked auto and mortgage loan lender, and has a PFI rating of 81% of members. About Access Softek, Inc. Access Softek is the trusted partner of credit unions and banks, providing comprehensive Access Digital suite of banking solutions that includes everything consumers and business owners need from the basics of online and mobile banking to account opening and lending, conversational banking, biometric authentication, real-time fraud prevention, automated investing, crypto solution that can be integrated directly into a financial institution’s digital banking platform, modern intuitive member UI/UX, and other innovative products. Today, over six million customers securely and easily manage their money using Access Softek solutions. Access Softek sets the standard for the omnichannel digital banking landscape, and for over three decades continues to deliver industry firsts and ensure reliable support from its Berkeley, California, headquarters.

Read More


Paystone Acquires Canadian Payment Services, Making Paystone Canada’s Largest Bank Independent Payments Provider

Paystone | January 27, 2022

Paystone announces the acquisition of Canadian Payment Services (CPS), one of the fastest growing providers of Canadian merchant services. This acquisition is the sixth addition to Paystone’s burgeoning portfolio of acquisitions, having acquired five other businesses in the past two years including Montreal-based DataCandy and Vancouver-based NiceJob. “This is the largest acquisition we’ve made to date in relation to both new revenue and clients,” explains Tarique Al-Ansari, CEO at Paystone. “Additionally, we’re also excited to provide additional value to CPS merchants through Paystone’s proprietary product and service offerings.” In addition to providing payment processing services, Paystone offers a wide range of SaaS products including gift and loyalty, reputation marketing, and marketing automation. Over the years, Paystone has shown their great commitment to serve Canadian small and medium sized businesses. We are happy to turn our customer base to Paystone so they can continue to receive the highest level of customer care as well as be able to grow their business via new value added products proprietary to Paystone.” Simon Lobanov, Managing Director at CPS. With the acquisition of CPS, Paystone now services over 35,000 locations across Canada and the United States which collectively process over 10 billion dollars a year in bankcard volume. As Paystone continues to aggressively grow in service, offering, and revenue, the business is looking to add over 100 new employees by the end of 2022. About Paystone Paystone is a leading North American payment and software company redefining the way merchants engage their customers and grow their businesses. The company's seamlessly integrated suite of automated payment processing, customer loyalty, gift card solutions, and now reputation marketing, is used by brands such as Irving Oil, The Source, Global Pet Foods, Kernels Popcorn, and many of the MTY Food Group's restaurant brands. Paystone's solutions are used at over 35,000 locations across Canada and the United States which collectively process over 10 billion dollars a year in bankcard volume. The fintech company employs over 150 employees and serves as the technology partner of choice for hundreds of partners across North America. About Canadian Payment Services Canadian Payment Services (CPS) is one of the fastest growing providers of Canadian merchant services, which includes Credit Card and Interac Processing, Gift Card and Loyalty Programs, and Business Cash Advance. With over 55 years of combined experience in the merchant services industry, CPS has served over 10,000 merchants.

Read More


SoFi Launches No-Fee Cryptocurrency Purchases for Direct Deposit Members

SoFi | March 25, 2022

SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced members will now be able to invest part of every direct deposit into cryptocurrency¹ with zero fees². This feature builds on SoFi’s robust offerings for Checking and Savings³ accounts, which already includes no account or overdraft fees, up to two-day early paycheck⁴ and an industry-leading 1.00% annual percentage yield (APY).⁵ Members will be able to set a recurring purchase⁶ for the cryptocurrency of their choice with each paycheck for no purchase fee, investing either by dollar amount or percentage of their deposit, into one of 30 coins. This feature is currently live to all members with both a SoFi Invest®⁷ crypto account and SoFi Checking and Savings account. Crypto investing is rising rapidly. In the last year alone, SoFi doubled the number of investors setting up automatic, recurring crypto purchases, By adding the ability for members to automate crypto purchases right from their paycheck, we’re making it easier than ever for our members to customize how they manage their spending, saving, and investing all in one place to help them get their money right.” Anthony Noto, CEO of SoFi. Alongside no-fee crypto purchasing, SoFi has launched a new online educational center to explain the ins and outs of cryptocurrency to investors. The new center is an ongoing resource to both crypto newbies and seasoned veterans alike throughout their investing journey. This product is the latest expansion of SoFi’s offerings to make it simpler to get started with cryptocurrency investing, including its offering to redeem SoFi Credit Card⁸ points directly into cryptocurrency. These features were created to allow SoFi members to invest when and how they want, all in the same app they can manage their credit card, bank accounts and investments. About SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over three and a half million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams.

Read More


NCR Completes Acquisition of Cryptocurrency Leader LibertyX

NCR | January 17, 2022

NCR Corporation (NYSE: NCR), a global enterprise technology provider, today announced the completion of the previously announced transaction to acquire LibertyX, a leading cryptocurrency software provider. LibertyX is a strong strategic fit for NCR because it accelerates NCR’s ability to rapidly deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels. The completion of this transaction enhances our ability to provide digital currency solutions and capabilities that help run our customers’ businesses. We are pleased to welcome LibertyX and its outstanding team to NCR.” Don Layden, EVP & President, Payments & Network, NCR Corporation. The LibertyX digital currency solution runs on ATMs, kiosks and point-of-sale (POS) systems today. LibertyX partners with ATM operators, like NCR’s Cardtronics, who owns and manages ATMs and the Allpoint network in the U.S. at locations like convenience stores, pharmacies, and supermarkets. Moving forward, NCR will utilize its Pay360 platform to offer the LibertyX capabilities as part of its solutions for banks, retailers and restaurants. NCR Pay360 provides financial institutions a secure way to enable cash-in and cash-out transactions from their mobile banking app, website, or even customer service centers. On August 2, 2021, NCR and LibertyX announced that they had entered into a definitive agreement under which NCR would acquire LibertyX. The transaction includes LibertyX’s cryptocurrency remittance business, LibertyPay. Financial terms of the transaction were not disclosed. About NCR Corporation NCR Corporation (NYSE: NCR) is a leading enterprise technology provider that runs stores, restaurants and self-directed banking. NCR is headquartered in Atlanta, Ga., with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.

Read More