Accel Backs Soldo’s Business Focus With $11 Million

Days after announcing a collaboration with Wirecard Card Solutions, U.K.-based startup Soldo has announced new funding.

Soldo raised $11 million in Series A funding from Accel, reports said Wednesday (June 21), as the company continues to strengthen as a corporate finance solution.

“We were delighted our business account was first to market in the U.K., offering companies an entirely new way to automate company-wide expense accounting, effectively eliminating the workload required to manage cash advances for employees and track company cashflow,” Soldo founder and CEO Carlo Gualandri said in a statement.

“Since launch, we knew that businesses loved what we had to offer, and bringing Accel on board as part of our Series A is testament to the hard work and dedication of our experienced team,” he continued. “We’re looking forward to growing Soldo Business across Europe and rolling out our marketing strategy, bolstered by one of the world’s most notable venture firms.”

Accel partner Sonali de Rycker will join Soldo’s board, reports added.

“We’re excited to be backing a truly world-class team with deep experience in both financial services and software, which is the killer combination needed to win in the spend management category,” De Rycker said. “Soldo has started in two markets it knows well– the U.K. and Italy, but spend management is a global pain point for small businesses that we feel is ripe for change.”

Soldo originally launched as a solution for parents to give their children an allowance and track their spending.

“It took two-and-a-half years of development to find our real ‘Holy Grail,’” Gualandri said of the company’s expansion into different market segments in an interview with Business Insider. “Now we’ve found it.”

This month Soldo announced a partnership with Wirecard Card Solutions that similarly emphasized the company’s new focus on the corporate space. Their collaboration sees the Wirecard unit providing prepaid corporate spend solutions that integrate with Soldo’s Corporate Expense money management offering. They have developed a new mobile app for businesses to access these solutions.