180 million dollars to grow the Italian fintech to manage business expenses

180 million dollars to grow the Italian fintech to manage business expenses

Round of investments on Soldo, which now wants to grow in Italy by creating 100 jobs. The startup is revolutionizing the management of expenses within a company

On the left Mariano Dima, president of Soldo. On the right Carlo Gualandri, founder and CEO of Soldo (source: Soldo press office) The fintech Soldo, an English company with an Italian heart, has just announced a new round of investments for 180 million dollars. A considerable figure in the spend management sector, which will serve to fuel growth. Starting with the creation of new jobs, with at least 100 new positions arriving in Italy. This round (Series C) was led by Temasek, a leading global investor with a portfolio that includes Adyen, Dell, Paypal and Visa. The round was attended by new investors such as Sunley House Capital, the crossover fund Advent International, Citi Ventures, and reconfirmed existing investors such as Accel, Battery Ventures, Dawn Capital and Silicon Valley Bank for debt financing.

“We are very pleased to have solid investors with a long-term perspective with us - declared Carlo Gualardi, founder of Soldo -. We can now focus on accelerating Soldo's growth in all markets. We currently have 26,000 business customers in 31 European countries and we aim to offer a localized and tailor-made service in each of them. In the last two years, the volume of business expenses managed by Soldo has quadrupled, despite the difficult economic situation that has affected many sectors. These volumes will continue to grow as companies of all sizes and across all sectors are increasingly digitizing the way they manage their expenses. "

The Soldo platform (source: Soldo press office) Soldo is a fintech platform born in 2015, which allows companies to manage and control their business expenses, such as entertainment, business trips, purchases fuel and online services, all by reducing the use of paper receipts (such as receipts and invoices) and being able to equip individual employees and company functions with personalized credit cards, each tracked and equipped with its own spending budget. Soldo has two registered offices, one in London and one in Dublin, offices in Milan and a research and development center in Rome.

"Currently our main markets are England and Italy. Italy is not only a large market, but it is also the place where we develop our technology - explains Gualardi -. Thanks to this new round of financing, we aim to double the total number of our employees, which today are about 220. In the next 18 months at least half of these new jobs will be in Italy. Here we will need developers, but also many other figures, necessary to grow further. On the international level, however, we aim to strengthen ourselves in France, Germany, Spain and the Netherlands: markets that have enormous potential and in which we have been offering our service in the local language since last year. Our estimate is that the European spend management market is worth about 170 billion euros a year ".

In short, in Soldo's plans there is the will to consolidate quickly, and then perhaps aim for a listing on the stock exchange. “We are thinking about it - admits Gualardi, who has a past in companies such as Lottomatica, Virgilio and Telecom -. But not before 3-4 years, because you need a turnover of at least 100-200 million euros a year to make the leap. We will probably do another investment round before attempting the listing. But for now I prefer to enjoy this round that has just ended. Fundraising is extremely tiring. Now I need at least a year off, which for me means dedicating myself day and night to the development of Soldo ”.

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