Costs and management have long been a painful point for employees and accounting departments: for many, tracking and analyzing how money is spent on behalf of the company, even legacy software that is poorly equipped to handle more sophisticated demands. Today UK startup building solutions are announcing a major round of funding to double its growth to bring the process into the 21st century.

Soldo, which provides a platform for issuing employees with prepaid company cards that are connected to an automated cost management system, has closed a મિ 180 million fund. Soldo has some small customers, ranging from medium-sized businesses to mid-market businesses to large multinationals in 30 countries, with Mercedes-Benz, GeturGuide, Jimhark, Bowley and Brooks running among some of the more popular ones. Them. At the same time, through the API, it is also integrated With the popular accounting packages used by organizations today – With options to connect to more than 50 cost management platforms, including Netsite, QuickBooks, Zucchetti and Zero, Concours and Expense.

Round, a Series C will be led by Singapore’s Temasek, which will also include Sunly House Capital, Advent International’s crossover fund, City Ventures and former supporters Axel, Barry Tree Ventures and Don Capital. Silicon Valley Bank also provided an undisclosed amount of debt.

London-based Soldo also did not state its valuation in a statement on the latest investments, but according to a reference point, when it began raising the money, in December, the company was valued at about $ 278 million, according to Pitchbook data. At the event, Soldo said the round behind the strong growth for the company was oversubscribed: the trend of spending on its platform has quadrupled since its Series B, which is $ 61 million round in 2019. (Note: Soldo’s main operations are in London, but it also has a small corporate headquarters in Dublin, as part of its Brexit hedging, taking e-money licenses in Ireland in 2019.)

More generally – and perhaps because many of us are spending more time away from head office, or perhaps because some of us are getting back on track together – spending management is attracting a lot of attention at the moment. Earlier this month, Delmark’s Playo raised $ 1 million in Soldo’s biggest rivals, valued at 1.3 billion.

It’s a huge market to play with: Europe’s address market for cost management runs to billion 170 billion, the company said.

The challenge that Soldo aims to address is that costs are usually a very fragmented, non-digitized business, and employees who raise costs are not usually accountants: that is, managing them properly. He is not one of them. Key capabilities. In the meantime, Cost has evolved to cover a wide variety of items, including everything that makes it easy to buy online and how we work today: subscriptions, travel and entertainment, office fee supplies for your home office fees, and marketing campaigns or advertising online. Shopping on behalf of your company for advertising, and more.

When spending is going digitally, it’s easier to track them, but often they are when purchasing services or goods IRL, and at the same time when other problems arise: people often forget to get a receipt, or they Lose before filling out their reports. , Or pay for things out of their own pockets and more.

And on top of that, expenses are made on corporate cards or through bank transfers. Controlling the former can be costly and difficult, while the latter has its own challenges: it is a slow process and often requires a lot of people to clear the payment.

Soldo’s approach to improving this is to make it easier for employees to issue cards with prepaid to better control the cost of their cards. It then links the app to the card, which automatically prompts you to receive a receipt and remind you to upload it every time you make a purchase with a card.

“Soldo’s vision is to manage the total cost of the company’s breadth, whether it’s advertising, software subscriptions, travel and entertainment, vendor management or pay in all payment methods. When we look at it this way, cost management is just one of the potential consumption cases and the card is just one of many ways to transfer money to suppliers, ”Carlo Guallandri, CEO and founder of Soldo, told TechCrunch. E-mail. Unlike competitors like Playo, he noted, “We have a broad and thorough focus on moving beyond all of the company’s potential needs, travel and costs. This is important because the value of the customer using the cost management platform increases as a more significant portion of the company’s costs move to it. “

Without a doubt, the company’s growth since its inception five years ago has created a big speed bump in the form of the Covid-19. His recovery from it is a testament to how he has found a place even in the current market.

In the case of the company’s use of costs, the epidemic almost completely destroyed travel and expenses – a limited number of workers were traveling, or spending lunch, for example, in a lockdown, Gualandri said. It was shocking to see all of Europe across the country in this country keeping people in their homes since the lockdown in the first week of March last year. And with that, a significant portion of our financial services revenue also disappeared because business travel is the most common and widespread use of corporate cards. “But then, two things happened:

“There has been a significant increase in the number of cases of consumption of other companies. We saw the global shift towards ecommerce and the digitization of the finance department. Workers working from home had a definite step towards proc online procurement towards other business activities and need a card to pay for it. “In addition, many companies began distributing their products or services online and with that they shifted a large portion of their costs to marketing online marketing, an example of the major costs that are typically paid to use cards. So, there are specific cost categories below. It’s a case of coming and going and others going fast. Many epidemiological problems also emerged that we realized we could solve. “

“Our experience in software and payment technology gives us a deep understanding and we are confident that Soldo Finance is at the forefront of digitalisation,” said Simon Lambert, director of Sunly House, Advent International’s crossover fund. “The company operates in a large and fast-growing market, and we are thrilled to be partnering with its outstanding management team as they seek to build Europe’s leading payroll and automation platform.”