Soldo secures funding for Brexit soft landing in Ireland
Just four months after receiving an e-money license from Central Bank of Ireland, fintech startup Soldo has raised €54 million ($60.5 million U.S.) to help fund its relocation from the U.K. into Ireland ahead of the possible Brexit split.
London-based Soldo, which can now offer payments and other financial services to businesses in Ireland and across the European Union, focuses on providing corporate expenses management and multi-user spending account software to clients.
The company began serving customers from Ireland in June after migrating its European customers' accounts from London. It now expects to expand its company employee number to 30 for the Irish expansion, including new positions of IT and accounting leaders.
Venture capital firms Battery Ventures and Dawn Capital led the Series B funding, bringing Soldo's total funding to €74 million.
In addition to the Ireland relocation, the company says the extra capital will be used to grow market share across Europe and to double its overall workforce to 100 people this year and then to double it again to 200 by 2020.
The company currently has about 60,000 customers, after reported growth of 500% in 2018.
When it received its e-money license award in Ireland, co-founder and chief executive Carlo Gualandri expressed concerns about the problems caused by the U.K.'s impending divorce from the EU.
"It’s crazy to think we’ve been forced to work for a year and a half on a hugely complex project, mostly duplicating something that we had already, to prepare our business for something that may or may not happen," Gualandri said.
By shifting its holding company to Ireland, Soldo had "absolutely zero problems ... because our backers see it as a good jurisdiction to be in," Gualandri said in published interviews.