Soldo bags $11m in Series A led by Accel

London-based Soldo bags an $11m Series A funding round led by Accel.

The investment saw contributions from firms including Connect Ventures, InReach Ventures, U-Start and R204 Partners.

Soldo is a multi-user spending account, based on Mastercard’s payment network and its own software platform, to allow companies to manage its entire expense lifecycle and manage employees’ expenses.

This platform offers users savings, transparency and company money management, helping to provide delegation, control and tracking of the business’ cashflow.

The capital will be used to continue developing its product and expanding its presence in the UK and Italy, as well as launching across Europe.

Soldo will also look to increase marketing and business development functions, as it looks to increase its customer base.

Soldo founder & CEO Carlo Gualandri said, “We were delighted our business account was first to market in the UK offering companies an entirely new way to automate company-wide expense accounting, effectively eliminating the workload required to manage cash advances for employees and track company cash flow.

“Since launch, we knew that businesses loved what we had to offer and bringing Accel on board as part of our Series A is testament to the hard work and dedication of our experienced team. We’re looking forward to growing Soldo Business across Europe and rolling out our marketing strategy, bolstered by one of the world’s most notable venture firms.”

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