FinTech firm Soldo has raised $11m (£9m) in Series A funding in a round led by Accel.
Connect Ventures, InReach Ventures, U-Start and R2014 Partners also participated.
The company offers a multi-user spending account for consumers and businesses and will use the money to strengthen its proprietary technology and boost its growth.
Carlo Gualandri, founder and CEO of Soldo, said, “We were delighted our business account was first to market in the UK offering companies an entirely new way to automate company-wide expense accounting, effectively eliminating the workload required to manage cash advances for employees and track company cash flow.
“Since launch, we knew that businesses loved what we had to offer and bringing Accel on board as part of our Series A is testament to the hard work and dedication of our experienced team. We’re looking forward to growing Soldo Business across Europe and rolling out our marketing strategy, bolstered by one of the world’s most notable venture firms.”
Sonali de Rycker, partner at Accel, will be joining Soldo’s board. She said: “We’re excited to be backing a truly world-class team with deep experience in both financial services and software, which is the killer combination needed to win in the spend management category.
“Soldo has started in two markets it knows well – UK and Italy – but spend management is a global pain point for SMBs that we feel is ripe for change.”