Singapore giant Temasek backs UK-based fintech Soldo in record $180M funding
Corporate payments have traditionally happened via bank transfers or corporate credit cards. Both these methods bring a unique set of administrative hassles and security risks. And, of course, once the transactions are complete, there is a haze of receipts, expense reports, reimbursements, budgets, and analysis – none of which is connected. Attempting to solve this issue is London-headquartered Soldo, the digital solution to this incredibly costly challenge.
The leading European pay and spend automation platform has announced today it has closed $180 million in an oversubscribed Series C funding round, a European record for the spend management category.
Offering businesses real-time visibility
The fundraise was led by Temasek, a leading global investor headquartered in Singapore. The round includes new investors Sunley House Capital, Advent International’s crossover fund, Citi Ventures and continued backing from Accel, Battery Ventures, Dawn Capital, and Silicon Valley Bank for debt financing. Goldman Sachs acted as the exclusive placement agent to Soldo for the deal.
This investment follows an impressive 4x growth in spend volume across the company’s platform since series B, despite the backdrop of the challenging macro-economic environment.
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