European spend management market leader brings card issuance and settlements in-house
LONDON, July 8, 2020 /PRNewswire/ -- Spend management platform Soldo today announces that it has extended its partnership with Mastercard®, to become a principal member of the global pay-tech giant. The partnership enables Soldo to become more autonomous in innovating payments products and further reduces dependencies on third parties.
This announcement coincides with the successful migration of more than 60,000 Soldo customers to in-house card issuing to ensure operational continuity for Soldo's customers. The migration was originally planned for August 2020, but accelerated due to Wirecard's temporary suspension of service by the FCA.
Mastercard principal membership represents the next step in a successful partnership between the two companies. In addition to the ability to issue cards directly, Soldo will also have access to a wider range of products and services to further improve its customer offering.
Carlo Gualandri, CEO at Soldo says: "Soldo has reached an outstanding milestone with our principal membership and we're incredibly proud of everything that the team has contributed to get here. The extended partnership marks the next stage in Soldo's lifecycle and increases our infrastructure ownership. The team at Mastercard was fantastic to work with during the rapid card-issuing migration process. We look forward to continuing together to reinvent the way that businesses manage their spend, making the process more efficient, less painful, and ultimately saving money.
Edoardo Volta, Head of Fintech at Mastercard continues: "Soldo's elevation to principal member status is a natural development of our long-term partnership. Soldo's rapid growth and consistent commitment to innovation align perfectly with Mastercard's ideals, as we are constantly evolving our offering to support our fintech partners. We can't wait to see what Soldo does next."
Soldo's relationship with Mastercard began five years ago, and now more than 60,000 businesses use Soldo to manage, control and enable company spending. The elevation to principal membership status is recognition of Soldo's considerable growth, revolutionising business spending across Europe.
Founded in 2015 by tech veteran Carlo Gualandri, Soldo is one of Europe's fastest-growing fintech companies. In 2019, the company raised a $61 million Series B round led by Battery Ventures and Dawn Capital with the participation of Accel and other existing investors - the largest round of funding ever secured by a spend management company.
Soldo is a unified solution to manage and control spending, used by over 60,000 businesses, of all sizes. Soldo empowers employees to buy what they need to do their jobs using Soldo Mastercard® cards, with the ability to set custom budgets and spending rules for each user. The app captures detailed spending data to simplify reporting and integrate seamlessly with your accounts.