European business expense management platform Soldo has closed a $180m oversubscribed Series C funding round.
The fundraise was led by Temasek and includes new investors Sunley House Capital, Advent International's crossover fund, Citi Ventures and continued backing from Accel, Battery Ventures, Dawn Capital, and Silicon Valley Bank for debt financing.
Soldo's European pay and spend automation platform gives businesses real-time visibility and cost control across all departments. Customers include Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running.
Soldo closed $61 million in Series B funding in July 2019 and has since significantly increased the size of its business with more than 200 employees across offices in London, Dublin, Rome, and Milan. The latest funding round will see the company deepen its focus on new markets including Benelux, France and Germany.
Mariano Dima, Soldo president says: "We know senior finance employees and CFOs currently spend more than half of their time on cumbersome tasks, and the biggest reason for this is due to disconnected payment systems and manual, time-consuming processes.
"In a study of CFOs and finance directors, Soldo revealed weak spending controls are costing European businesses 2% of their annual turnover through the pandemic. This is a costly reality that Soldo aims to eradicate - by making employees' lives easier and businesses more aware of all costs - because only then will they be able to truly control their spending and be prepared to prosper post-pandemic and beyond."