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Soldo obtains e-money license as Brexit hedge, raises $61 million for European expansion

Soldo, a London-based fintech specializing in expense management, announced today that it raised $61 million in Series B funding led by Battery Ventures and Dawn Capital, to expand into new markets and hire additional employees, company officials said.

The funding round includes participation from Accel, Connect Ventures and Silicon Valley Bank. The company said it previously raised $11 million in funding in 2017, led by Accel. 

The funding will be used to expand the company's sales team in the U.K., Italy and Irish offices and explore additional European markets. 

Late last week, the company announced that it obtained an e-money license from the Central Bank of Ireland in a precautionary move against Brexit.  

"The e-money license from Ireland enables Soldo to operate its services smoothly during a time of unprecedented turbulence in the business and political sphere and demonstrates the company's commitment to providing uninterrupted enterprise level financial technology services for businesses of all sizes," founder and CEO Carlo Gualandri told Mobile Payments Today via email. "With the license, the company will be able to issue payments in Ireland across the European Union under passporting rights."

Cover photo courtesy of Soldo.