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E-invoicing, SCF & E-procurement

Soldo scores USD 61 mln Series B for its B2B spend management platform

Monday 8 July 2019 | 02:12 PM CET

Soldo, the UK-based fintech that offers a multi-user spending account for businesses, has closed USD 61 million in Series B funding.

Leading the round is Battery Ventures and Dawn Capital, with participation from previous backers Accel and Connect Ventures. In addition, a small portion is debt financing from Silicon Valley Bank. It brings total raised by the London-based startup to USD 82 million.

Soldo offers a multi-user spending account for businesses of all sizes — from SMEs to much larger enterprises — that need to deploy and manage expenses across an entire organisation. It enables departmental and employee spending to be managed in real time by combining a Soldo account, central dashboard, apps for iOS and Android and virtual wallets or physical “pre-paid” MasterCards that can be handed out to employees, departments and even external consultants or contractors.

In addition, Soldo offers granular spending controls that are at the heart of its tech stack. This allows for different expense criteria for each employee, contractor or spending department, with permissions set and all spending trackable centrally. It also lets users capture receipt data, while the whole system integrates with commonly used business accounting packages such as Xero, Quickbooks, Concur, Expensify, NetSuite, Zucchetti and SAP.

More: Link
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