Soldo, the multi-user business spending solution, has today announced a series of enhancements to further develop its offering and add value for existing customers.
The new developments facilitate access to credit, simplify accounting processes and offer a unified platform for accounting/ERP and expense management. They will support the future growth of Soldo’s UK business, which has already quadrupled since January 2019.
Soldo is partnering with NatWest Rapid Cash to give small businesses better access to cash flow. This collaboration will provide small businesses with easy access to a line of credit from the Rapid Cash service to fund their Soldo account. Faster access to this funding will give small businesses greater security when faced with irregular cash flow and more opportunity to drive the business forwards. Rapid Cash applications can be turned around in just 48 hours and NatWest offer competitive rates without any set-up or monthly fees.
Soldo has also launched an open API to connect its smart spending platform with companies’ existing core business systems, including accounting, ERP, procurement and expense management solutions. By creating a connected platform for business, Soldo is able to streamline the way businesses manage spend, to help reduce the administrative side of running a business and enable growth.
Darren Upson, VP Small Business Europe at Soldo, said: “These new integrations will give businesses and their accountants even greater control and visibility over every aspect of their finances. We’re all about helping the UK’s small businesses make better spending decisions, save time on admin and run their operations more efficiently. The significant increase in our customer base over the last 12 months is testament to the pain we are solving for small businesses – removing the burden of managing expenses and company spending so our customers can focus on what they do best.”
The company closed $61 million in Series B funding in July, and has seen a 4x growth of the UK business in 2019. One of the factors that has contributed to this growth is the integration with Xero, which was announced in November last year at Xerocon London 2018.
Edward Berks, Director of Platform Business, UK & EMEA: “Small businesses face plenty of challenges around cash flow. So it's great to see apps like Soldo building better connections to help small businesses and their advisors manage cash flow more efficiently."
More than 25% of all new UK Soldo accounts are integrating directly with Xero, the UK’s leading cloud accounting platform for small businesses. The best in class two-way integration between Soldo and Xero enables businesses to efficiently manage spending and expenses – from payment to reconciliation – transforming the way employee and company spending is managed.
In addition to the developments being made to consolidate Soldo’s leadership in the UK market, Soldo has opened an office in Dublin to officially launch Soldo to the Irish market. Soldo was awarded an E-Money Licence by The Central Bank of Ireland earlier in the year, ensuring that its operation across Europe is guaranteed regardless of the outcome of Brexit.
Carlo Gualandri, Founder and CEO at Soldo, said: “The Irish market provides an amazing opportunity for Soldo. This market has historically been underserved by fintech solutions, especially those focused on helping businesses drive efficiency and growth, and we’re delighted to be able to announce our official launch in Ireland.”