Soldo

Soldo offers a business card and complementing expense management platform to issue physical, virtual, and one-time cards (issued by Mastercard) for employees. Moreover, it offers virtual cards for businesses to manage their subscriptions and online ad spend. The cards essentially automate the approval, compliance, and expense reporting processes for employees and also offer visibility and insight on business expenses. 

Soldo also offers smart fuel cards that work at service stations across the UK and Europe which can be assigned to users or vehicles to manage and track expenses in real-time.

The company operates through a freemium model, and charges its employees a monthly subscription fee (starting at EUR 30 per month), with charges varying based on the number of cards issued, virtual card payments, recurring payments, and the use of multi-currency digital wallets.  

Users can also use APIs to integrate with several accounting platforms, including NetSuite, QuickBooks, Zucchetti, and Xero. Moreover, Soldo cards can be integrated with over 50 expense management platforms, such as Concur and Expensify . The cards can also be added and used to make payments through Google Pay wallets. The company operates through several offices across Europe, including the UK, Dublin, Milan, and Rome. 

Key customers and partnerships

As of July 2021, Soldo had around 26,000 customers across all sizes, in over 30 countries, including Mercedes Benz, GetYourGuide, Gymshark, and Brooks Running. Moreover, the spend volume handled by the platform reportedly grew by 4x from July 2019 to July 2021. Soldo partnered with travel and expense management solutions provider TravelPerk in March 2022 to enable TravelPerk customers to sync invoices to the Soldo platform.   

The company also partnered with open banking infrastructure platform Yapily in July 2022, to enable Soldo users to top up their cards directly from bank accounts, without leaving the Soldo app. Moreover, it subsequently partnered with Form3 , in February 2023, to gain technical access to the Single Euro Payments Area (SEPA) clearing system through Form3’s account-to-account payment platform. 

Soldo was selected by Crown Commercial Services in January 2023, to be used by public entities across the UK. This enables entities such as local authorities to disburse funds to people in need so they are able to pay for goods and services through prepaid cards. 

Funding and financials

Soldo raised USD 180 million in Series C funding in July 2021, led by Temasek, to invest in international expansion - particularly in Germany, France, and Benelux - and product developments.