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Wednesday 21 July 2021

Soldo secures $180m cash injection

SoldoExpense management startup, Soldo, has raised $180m as it looks to develop its real-time platform aimed at businesses. The Series C funding round was led by Temasek and supported by a variety of new and existing investors including, Citi Ventures and Dawn Capital. The funding exercise also included an unspecified amount of debt financing provided by Silicon Valley Bank.

Originally founded as a pre-paid consumer card business in 2015, by Italian banking entrepreneur Carlo Gualandri, Soldo switched its business model to focus on business expense management via a $61m fund raise in July 2019 (see: Soldo raises $61m on a pivot). Soldo now aims to make it easier for firms to manage expenses by issuing employees with prepaid cards. Purchases are linked to the Soldo app, which facilitates better record keeping and reminds users to keep receipts and to upload them promptly.

The impact of the pandemic is likely to have severely dented Soldo’s prospects, with travel, hospitality and therefore expense claims having been greatly reduced. Furthermore, the apparent necessity to upload receipts appears at odds with some other tools in this space, which negate the need for receipts altogether by seamlessly capturing expenses via card transaction data. As the world continues to get back to normal, it will be interesting to see how Soldo and other similar newcomers such as Pleo perform (see: Carry on Pleo).

Posted by: Jon C Davies at 09:42

Tags: funding  

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