Battery and Dawn lead $61m series-B for Soldo

Existing investors Accel Partners and Connect Ventures also took part in the funding round, with Silicon Valley Bank providing debt to support the deal.

The fresh capital will enable Soldo to pursue growth in its existing markets of the UK, Italy and Ireland. The business is looking to expand its team and will also invest in product development.

Soldo has invested to obtain an e-money licence from Ireland's central banks over the course of the last year in order to enable it to continue trading freely in the EU should the UK leave the single market. CEO Carlo Gualandri told TechCrunch that he found it "crazy" that the company has been forced to duplicate something it already had for an eventuality that "may or may not happen".

Previous funding
Prior to the latest round, Soldo had raised around $20m in seed and series-A funding. Accel led the series-A round in 2017, with participation from Connect, InReach Ventures, U-Start and R204 Partners. As part of the series-A round, Accel partner Sonali de Rycker took a seat on Soldo's board of directors.

Company
Founded in 2015, London-headquartered Soldo is a provider of corporate credit cards and associated expenses tracking and management software. Its e-wallets and pre-loaded cards have different expense criteria depending on the user's department, seniority and contract type. Its expenses tracking and management software integrates with existing accounting software including Xero, QuickBooks, Concur and Expensify. The business has additional offices in Rome, Milan and Dublin.

People
Soldo – Carlo Gualandri (founder, CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• Battery Ventures
• Dawn Capital
• Accel Ventures
• Connect Ventures
• Venture