London-based business banking fintech firm Soldo has today closed a $61m (£48.7m) series B funding.
Battery joined the round as a new investor alongside Dawn Capital, and existing investors Accel and Connect Ventures. The company has now raised a total of $82
Founded by Carlo Gualandri, who previously helped create Italy’s first online bank, Soldo offers a multi-user spending account for businesses to streamline expense management. Soldo has approximately 60,000 customers across its three markets of the UK, Ireland, and Italy, with around 500 percent growth in 2018. Soldo’s Series B round will be used to further grow in the U.K., where it claims a “leadership position,” and in Italy and Ireland. The company also plans to enter new European markets and double its workforce over the next 12 months.
Josh Bell, general partner at Dawn Capital said, “Soldo’s blend of world-class people and pioneering tech to solve an everyday business problem points to huge growth potential. As a global player enabling commerce among [small businesses], it’s on a journey we know well from our iZettle investment.”
Meanwhile, Soldo recently secured an Electronic Money Institution license from Ireland’s Central Bank, a move the company says is designed to mitigate against the uncertainty of Brexit.