Carlo Gualandri, Co-founder and CEO, Soldo

London-based fintech start-up Soldo, which secured an E-money license from the Central Bank earlier this year, will be expanding and diversifying its operations in the Republic of Ireland as it has recently secured a Series B funding worth $61 million. Battery Ventures and Dawn Capital were reported to be the major investors in the Series B funding round, investments were also seen from its previous investors Accel and Connect Ventures who had previously invested $11 million dollars in the London based fintech startup.

In addition to the above investments, a small portion is debt financing was also seen from Silicon Valley Bank. This Series B funding has increased Soldo’s total funding to $82 million.

Co-founder and chief executive, Carlo Gualandri, commented on the Series B funding, “All the growth we planned in Europe, instead of being served as originally planned by the UK will now be served by Ireland. By the end of the year, more than 50 per cent of our business will be led from Dublin and that will increase as we expand,”

Founded in 2015, the Fintech startup Soldo offers a multi-user spending account for businesses of all sizes from SMEs to much larger enterprises that need to deploy and manage expenses across an entire organization. Alongside this, Soldo even offers granular spending controls that form the heart of its tech stack. This allows for different expense criteria for each employee, contractor or spending department, with permissions set and all spending trackable centrally. It also lets users capture receipt data, while the whole system integrates with commonly used business accounting packages such as Xero, Quickbooks, Concur, Expensify, NetSuite, Zucchetti and SAP.

Due to Brexit, the company has had to relocate and shift its operations in the Republic of Ireland the company plans to increase its workforce and has reported a year on year growth of 500% in FY 2018-19.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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