Soldo, a company offering corporate spend management solutions, has announced a Series B funding round, according to a Monday (July 8) report in Yahoo! Finance.
Operating in the U.K., Ireland and Italy, Soldo said it secured the latest funding, to the tune of $61 million, from U.S.-based Battery Ventures, as well as Europe’s Dawn Capital and Accel.
“With more employees now empowered to incur business expenses, and more expense management processes moving into the cloud, today’s corporate expense programs must adapt to keep up – in Europe as well as the U.S.,” Battery Ventures General Partner Itzik Parnafes said in a statement.
In an interview with the publication, Soldo Founder and CEO Carlo Gualandri described the company as “Office 365 for money,” consolidating corporate finances for a unified view into expenses, with the ability to set controls on how employees spend company money.
“There are companies like Square, Adyen and Stripe who manage payments going into the company,” he said. “At the same time, the company is spending money to exist. Payments also exist, outbound payments, in the context of the company.”
The Soldo platform enables managers to streamline how money is allocated to employees, setting restrictions like how much they can spend, where and on what.
The latest funding will be used to focus on sales and product development as Soldo plans to expand into new European markets and invest further in innovation, the company said.
So far, Soldo has raised a total of $82 million, but declined to offer details on its valuation.
In February of 2018, Soldo announced a partnership with Starling Bank, integrating via API to accelerate movement of corporate cash and opening up the door for Starling to augment its corporate offering.
Last September, Soldo released research that found legacy expense management strategies led to extended expense management processes, including time wasted on manually analyzing past expenses.