Amid an accelerated migration of a number of customers to in-house card issuance because of Wirecard’s difficulties, Soldo has become a principal member of Mastercard with the extension of its partnership with the firm. The tie-up allows the European FinTech firm to have more independence in innovating payment offerings and makes it less reliant on third parties, according to an announcement.
Soldo CEO Carlo Gualandri said in the announcement, “Soldo has reached an outstanding milestone with our principal membership, and we’re incredibly proud of everything the team has contributed to get here. The extended partnership marks the next stage in Soldo’s lifecycle and increases our infrastructure ownership. The team at Mastercard was fantastic to work with during the rapid card-issuing migration process.”
Principal membership with Mastercard serves as the next step in the relationship between the payments firm and Soldo. Soldo will be able to access a broader array of offerings to continue to bolster its platform beyond having the ability to directly issue cards. Soldo’s relationship with Mastercard started half a decade ago and over 60,000 companies now harness Soldo to supervise, control and allow for corporate spending.
Mastercard Head of FinTech Edoardo Volta said, “Soldo’s elevation to principal member status is a natural development of our long-term partnership. Soldo’s rapid growth and consistent commitment to innovation align perfectly with Mastercard’s ideals, as we are constantly evolving our offering to support our FinTech partners. We can’t wait to see what Soldo does next.”
In July, news surfaced that Soldo notched Series B funding from Battery Ventures, in addition to Accel and Dawn Capital. Gualandri referred to the company as “Office 365 for money,” which consolidates business finance for a single view into expenses with the ability to activate controls on how staffers spend funds.