Soldo, a UK-based expense management software provider, secured $180m today in a series C round featuring Citi Ventures, the strategic investment arm of financial services firm Citi.
The round was led by Singaporean state-owned investment firm Temasek, with backing from Advent International’s Sunley House Capital fund, venture capital firms Accel, Battery Ventures and Dawn Capital and debt financing from Silicon Valley Bank. Goldman Sachs was placement agent.
Founded in 2015, Soldo has created a pay-and-spend automation platform that helps businesses achieve real-time visibility and cost control for travel and entertainment, online advertising, e-commerce, vendor management and software subscriptions.
The company’s product can work across all a customer’s departments and can integrate with accounting software platforms including NetSuite, QuickBooks, Zucchetti and Xero.
Soldo employs 200 staff across offices in London, Dublin, Rome and Milan and serves more than 26,000 customers from small and mid-market companies to global enterprises. Its client base includes Mercedes-Benz, GetYourGuide, Gymshark, Bauli and Brooks Running.
The funding will accelerate product development and international expansion across Europe, primarily in France, Germany and the Benelux region.
The company collected $61m in a July 2019 series B round co-led by Battery Ventures and Dawn Capital. The equity portion of the round included Accel and Connect Ventures while Silicon Valley Bank provided debt financing.
Soldo had previously raised $11m in a 2017 series A round led by Accel and backed by Connect Ventures, InReach Ventures, U-Start and R204 Partners.