Expenditure management has been a pain for staff and accounting departments: For many, monitoring and analyzing how money is spent on behalf of a company is heavily embedded in unarmed heritage software. To bring the process into the 21st century, the UK start-up solutions are announcing a major round of funding to double its growth.
Soldo, a platform for providing employees with prepaid company cards related to automated cost management systems, has closed down $ 180 million. Soldo currently has about 26,000 customers from small to medium-sized enterprises and large international corporations in up to 30 countries, including Mercedes-Benz, Getuguguday, Gymshaark, Bowley and Brooks. It also integrates them side by side with APIs With popular accounting packages used by organizations today – NetSuite, QuickBooks, Zucchetti and Xero, Soldon with options for connecting more than 50 cost management platforms, including Concor and Express.
The round, series C, is being led by Temesek, Singapore, and includes Sullivan House Capital, Advent International Crossing Fund, City Venture and former supporters Axel, Battery Venture and Down Capital. Silicon Valley Bank also provided an undisclosed amount of debt.
Soldo, based in London, did not disclose the value of this latest investment, but when it began to raise funds for reference, In December, the company reported a net worth of $ 278 million. According to Soldo at the event, the glory was overshadowed by the company’s strong growth: “X” Linn Linn Since the $ 61 million round, the amount of money on the platform has quadrupled. (Note: Soldo’s main operations are in London, but also a small corporate HB in Dublin, because in 2019 it received an electronic money license as part of the Brexit Fence in Ireland.)
In general – and perhaps because most of us spend a lot of time away from headquarters, or perhaps because some of us finally go out to meet people again – spending is getting a lot of attention right now. Earlier this month, one of Soldo’s biggest rivals, Danish Pleo, raised $ 150 million for $ 1.7 billion.
It’s a big market to play: The European-based cost management market is worth $ 170 billion, the company said.
The main problem that Soldo plans to fix is that employees who pay a lot of money and are not digitized are often not accountants, and using them properly is not one of their main skills. . The costs themselves are evolving to cover many different things, the product of everything that is easy to buy online and also how we work today: subscriptions, trips and entertainment, your home office, and marketing campaigns or online advertising and others on behalf of your organization Makes purchases.
Costs are easier to track digitally, but are usually for services or goods purchased for IRL, and then when other issues arise: people often forget to receive a receipt or lose it before filling out their report. , Or pay for things out of their own pockets, and more.
And on top of that, expenses are incurred through corporate cards or bank transfers. The former can be expensive and difficult to control, and the second has its own challenges: it is a slow process and often requires a lot of people to clear the bills.
To address this, Soldo’s approach is to make it easier for employees to issue prepaid cards in order to better manage their expenses. It then connects the card to an application, which creates automatic queries that appear to you every time you purchase a card to remember to hold and upload a receipt.
“Soldo Vision manages the overall cost of a company, including advertising, software subscriptions, travel and entertainment, seller management or payroll in all payment methods. In this way, it is just one of the costs involved, and cards are one of the many ways a company can transfer money to suppliers. Contrary to competitors like Pleo, email: “We have a broad and comprehensive focus on managing all the needs of the company beyond travel and expense. This is important because the cost of using a cost management platform is transferred to the company, which has a significant share of the cost to the customer. ”
Undoubtedly, since its inception five years ago, the company has suffered a major slowdown in its CV-19 format. Then the acquisition is a testament to how it has gained a foothold even in the current market.
“The epidemic completely wiped out travel costs and expenses for companies – for example, a limited number of employees are traveling or eating lunch,” Gulanland said. It was shocking to see Europe disappear from the country in the first weeks of March last year, as the locks were kept in their homes. As a result, business travel is very common and the use of corporate cards is also a significant part of our financial services revenue. But then two things happened:
The number of cases used by other companies has grown exponentially. We have seen the transition to e-commerce and the digitalisation of the financial sector. It also requires a payment card, as there is limited access to online purchases, from home support to other businesses. Many companies also began distributing their products or services online, and in the process, they diverted large sums of money to online marketing. So, it was true that some categories of spending went down and others went up quickly. Many epidemics have come to our notice.
“Our experience in software and payment technology gives us insight and we are confident that Soldo will take the lead in financial digitalisation,” said Simon Lambert, director of Advent International Transit Fund. We are very happy to be working with the management team as they are trying to build a European payroll and automation platform, as the company operates in a fast-paced market.