Spend Management FinTech Soldo Wraps Up $180M Series C

Soldo, which works in corporate payments and expense management, has wrapped up a $180 million oversubscribed Series C funding round. Singapore-based Temasek headed up the fundraise, according to a Wednesday (July 21) announcement.

With the funding round, Soldo said it can keep speeding up product development and market growth throughout Europe’s $170 billion addressable market. The round comes on the heels of Soldo wrapping up a $61 million Series B funding in July 2019.

“Managing business spend is costly and challenging, yet Soldo continues to demonstrate its value and ease to customers of every size and across every industry,” Soldo CEO and Founder Carlo Gualandri said in the announcement. “It’s clear this category will see exponential growth as more businesses [realize] the benefits and Soldo is well placed to support them.”

The company’s European pay and expense digitization system equips companies with live visibility and cost management throughout every department.

Soldo works with over 26,000 clients in over 30 nations, which range in size from small and medium-sized businesses (SMBs) to very large global companies. Brooks Running, Bauli, Gymshark, GetYourGuide and Mercedes-Benz are among its clients, according to the announcement.

Soldo, which is based in the United Kingdom, has additional offices on the European continent.

The news comes as Ramp, a corporate card and expense management startup, landed $115 million in new funding and attained a $1.6 billion valuation.

New York-based Ramp generates sales by taking a portion of interchange fees in addition to a monthly fee from customers that use higher-end software features.

“Whether at fast-scaling unicorns like Ro, Better, ClickUp, Applied Intuition and more, or at more traditional businesses seeking higher financial efficiency, Ramp has quickly become the spend management platform of choice,” the company said, as reported earlier this year.

PYMNTS previously noted that expense management and accounts payable (AP) workflows have traditionally been mired in nonautomated, hardcopy methods.