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A startup that tracks and digitizes business spending has raised $180 million in a round led by DoorDash-backer Temasek.
Soldo, a spend management platform, was founded in 2015 by Carlo Gualandri, a tech veteran who previously set up Fineco, Italy’s first online bank.
The London-based startup counts the likes of German automotive giant Mercedes Benz and tour guide marketplace GetYourGuide among its customers.
Soldo allows companies to see spending in real-time, provide pre-paid Mastercard debit cards to employees as well as external consultants, and can provide spending controls and receipt data which can be integrated into businesses accounting software.
“Spend is not expenses, spend is any way that companies manage their outbound payments with customers, suppliers and has many facets and use cases,” Soldo CEO Gualdandri told Insider.
“COVID-19 has made being a virtual business essential as everything is online, businesses that want to survive need to optimize their goods and services and be efficient.”
Gualandri cited the example of a company paying for a Zoom subscription during the pandemic or more general spend like approving a new computer, office chair, or supplies. Soldo argues these transactions are usually manually and laboriously invoiced by a company. The London firm has estimated European companies
Source:: Businessinsider – Technology
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