Soldo, which provides a platform to issue employees with prepaid company cards that are linked through to an automated expense management system, has closed $180 million in funding. Soldo currently has some 26,000 customers, ranging from small medium-sized businesses, through to mid-market enterprises and up to large multinationals across 30 countries, with Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running among some of the more popular of them. Alongside that, by way of APIs, it also integrates with the popular accounting packages used by organizations today — NetSuite, QuickBooks, Zucchetti, and Xero, along with options to connect Soldo to more than 50 expense management platforms including Concur and Expensify.
London-based Soldo also did not disclose its valuation is in a statement on this latest investment, but as a point of reference, when it started to raise this money, back in December, the company was valued at around $278 million. The crux of the challenge that Soldo aims to fix is that expenses is usually a very fragmented, non-digitised business, and employees that rack up expenses are usually not accountants: that is to say, handling them correctly is not one of their core competencies. The expenses themselves, meanwhile, have evolved to cover a lot of different things, a by-product of everything becoming easier to buy online and also how we work today: they might include subscriptions, travel and entertainment, office supplies for your home office, and making purchases on behalf of your company for marketing campaigns or online advertising, and more.