Fintech Friday: Soldo
Soldo transforms the way businesses control spend and manage expenses, saving business precious hours and improving their bottom line, said CEO and founder Carlo Gualandri to Boris Plantier.
Soldo was founded in 2015 by the successful entrepreneur, Carlo Gualandri who built Italy’s first web portal and first online bank. Carlo’s aim – to challenge the inefficient status quo of business spending and bring B2B financial services up to speed.
Business spending today is chaotic and debilitating. Companies the world over are stuck in a fog of corporate cards, receipts, expense reports, reimbursements, budgets and analysis. Nothing is connected, and nothing makes sense. Moreover, employee expense management is a hidden headache for both finance teams and employees alike.
A YouGov survey of 4,000 UK businesses commission by Soldo revealed that most UK businesses (49%) expected employees to pay for their expenses up front and reimburse them later: an interesting statistic when considering this was one of British employees’ main bugbears, with 1 in 10 employees saying they had to wait longer than a week to get their money back. For those utilising company credit cards, the current process is tedious and time consuming with 20% of businesses taking between 2 and 4 hours every time the company needs to purchase something and a shocking 12% of taking more than 8 hours on a single purchase.
The survey also revealed that up to £102.6bn of company spending is left unreconciled by a fifth of businesses each year, with more than a third of financial decision makers undertaking unnecessary financial detective work at the end of each month to identify company spend. Nearly a quarter of all medium-sized businesses (22%) take between 2 and 4 hours to do financial detective work at the end of the month, to reconcile company spending.
Together with financial industry veterans and technology experts, Carlo didn’t just stick a label on an ‘easy’ solution but invested heavily on the creation of a world class platform and on the best team to be the foundation for the growth of Soldo.
Soldo’s rock-solid innovation and talented team has attracted more than $20 million in both Seed and Series A funding. Soldo’s Series A round was completed in June 2017 and led by Accel Partners, who have successfully invested in companies such as Funding Circle, Braintree, Venmo and Circle.
With Soldo, businesses empower employees and departments to make purchases on their behalf with plastic and virtual Soldo Mastercard cards, yet retain total and constant control, thanks to bespoke budgets, limits and spending rules. Using the Soldo mobile app, employees can add crucial data to each transaction, such as photos of receipts, as well as notes and tags. Soldo generates comprehensive spending reports in only a couple of clicks, that permit an entirely new level of insight and integrates with all major accounting software to maximise efficiencies and effectiveness across the organisation. With Soldo, the time and tedium traditionally involved in expense management and reporting is eliminated.
Soldo was launched in the UK and Italy in early 2017, with strong early results and customer validation. Within just the last year the number of registered users has grown 14-fold. Soldo has become a vital part of everyday business for thousands of businesses across Europe.
Soldo is planning for rapid expansion throughout the remainder of 2018 and beyond. Incited by direction integrations with both Xero and SAP Concur planned for Q3 2018. With Soldo being of use to business of every size, in every industry, the potential for future growth is huge and exciting.
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