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Business & Enterprise
FinTech
Expense Management Software
Soldo
Built a European spend-control position by making every employee and supplier payment programmable through cards, wallets, budgets, and ERP-ready data, despite fragmented European payment regulation and entrenched finance processes.
1
MODEL
BUSINESS MODEL
SaaS
- Soldo was founded in London in 2015 by Carlo Gualandri to give businesses control over decentralized spending. → It combined prepaid Mastercard cards, wallets, mobile receipt capture, and a management console. → Its first customer arrived in 2017.
- It made every card programmable: managers set budgets, merchant rules, user permissions, and funding controls. → This shifted spend control from after-the-fact reimbursement to pre-approval and real-time monitoring. → Customers include Mercedes-Benz, Sony, Toyota, and GetYourGuide.
- It built a full-stack payment and SaaS platform rather than relying entirely on third-party infrastructure. → This supported customization, ERP integration, and multi-country deployment. → Soldo serves more than 25,000 organizations across 31 countries.
- It expanded from employee cards into supplier-specific virtual cards, invoices, procurement controls, and accounting exports. → This moved Soldo from expense management into broader pay-and-spend automation. → Its platform supports advertising, software, travel, e-commerce, and operational purchases.
1. Identify a spending decision that is distributed across employees, teams, or contractors but must remain accountable to finance; validate that the current process creates delays, policy breaches, or reconciliation work.
2. Build the payment instrument and control layer together, because a card without budgets and rules is merely a payment method.
3. Start with one high-friction spending category—travel, software, advertising, or field expenses—and prove that controls reduce leakage without slowing work.
4. Make transaction data ERP-ready before scaling enterprise sales; finance teams adopt systems that reduce reconciliation, not merely add dashboards.
5. Add supplier cards and procurement workflows only after employee spending controls are trusted.
6. Avoid promising unlimited flexibility before permissions, audit trails, and compliance are robust; the common mis-build is giving decentralized users freedom without giving finance a reliable system of control.
DISTRIBUTION MODEL
Soldo began in 2015 with prepaid Mastercard cards, wallets, spending rules, and real-time transaction visibility rather than a broad finance suite. It first proved that decentralized employees and contractors could spend within controlled limits, then added receipts, approvals, accounting integrations, supplier cards, and multi-entity governance as customers expanded.
HOW THEY BUILT IT
HOW TO ARCHITECT IT
Direct Sales, Enterprise Sales, Inside Sales, Partnerships
HOW THEY OPERATIONALIZED
HOW TO REPLICATE WHAT WORKED
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- Soldo sold directly to mid-market and enterprise finance leaders who needed decentralized spending with centralized control.
- Inside sales converted smaller businesses through self-serve plans and card-based onboarding.
- ERP, accounting, and travel-system integrations created adoption paths through finance and procurement teams.
- Named enterprise customers such as Mercedes-Benz, Sony, and Toyota provided credibility for larger, multi-country deployments.
What worked: sell control and auditability to finance leaders while making the employee experience simple enough to avoid workarounds.
Trap if copied blindly: enterprise sales fail if implementation and ERP integration remain bespoke; the cost is long cycles, heavy services drag, and weak gross margin.
| PATTERNS OF THIS MODEL
PATTERNS IN DECENTRALIZED SPEND CONTROL:
1. CONTROL MUST MOVE BEFORE THE TRANSACTION. Budgets, merchant rules, and card permissions reduce policy violations more effectively than post-hoc expense review.
2. SUPPLIER CARDS CREATE PROCUREMENT VISIBILITY. A dedicated virtual card per vendor turns recurring spend into traceable, controllable data.
3. ERP READINESS DETERMINES ENTERPRISE ADOPTION. Finance teams buy systems that produce clean, structured data for reconciliation and reporting.
THE WEAKNESS: implementation complexity. Multi-entity companies require custom approvals, accounting mappings, and controls; without productized configuration, every enterprise deal becomes a services project.
What companies with this model reveal
| OPPORTUNITY INTELLIGENCE
GOLDMINE 1 — PROCUREMENT-NATIVE SPEND MANAGEMENT. Most tools begin with employee expenses; the larger opportunity is connecting purchase requests, supplier onboarding, approvals, payments, and reconciliation into one workflow.
GOLDMINE 2 — POLICY-AS-CODE SPENDING. Companies need rules that vary by team, geography, vendor, and cost center; a configurable policy engine can reduce manual finance review and improve compliance.
GOLDMINE 3 — SPEND INTELLIGENCE FOR CFOs. Transaction data can identify duplicate subscriptions, vendor concentration, budget drift, and savings opportunities; the gap is turning controls into proactive financial decisions.
THE PIT — CARD ISSUING AS THE ENTIRE PRODUCT. A card solves payment access but not governance; without budgets, approvals, and reconciliation, it becomes commoditized quickly.
THE SECOND PIT — ENTERPRISE CUSTOMIZATION WITHOUT PRODUCTIZATION. Highly configurable controls can win large logos but destroy margins if every deployment requires bespoke implementation.
MOVE WITH CAUTION — Do not build a spend platform without a clear answer for reconciliation and auditability; finance leaders will not replace existing controls for a better mobile experience alone.
Untapped Business Model / Gaps / Goldmines / Pits
Patterns & Insights
2
MARKET
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Soldo entered spend management against Concur, Expensify, Pleo, Spendesk, Ramp, and corporate-card providers. It differentiated by serving both decentralized employees and finance teams: cards had embedded budgets and rules, while the platform produced ERP-ready transaction data and multi-entity controls.
MARKET TYPE
Mature Market
ENTRY STRATEGY
Brownfield Entry
WHY THEY WON
Expense management was a mature category when Soldo scaled, with established travel-and-expense systems and accounting tools. Its opening was that many companies still managed decentralized spending through corporate cards, reimbursement forms, and manual controls. Soldo changed the comparison from “expense reporting” to “spend governance,” where budgets, permissions, and payment controls were built into the card itself. This mattered because finance leaders wanted real-time control, while employees and contractors needed autonomy. Incumbents could add cards, but legacy expense workflows and enterprise implementations made embedded controls harder to deliver quickly. The transferable lesson is that mature categories can be disrupted by moving control upstream—from reimbursement to authorization.
EXECUTION
Soldo entered by replacing corporate cards, reimbursement processes, and fragmented spend controls rather than creating a new spending category. It targeted companies already managing employee and contractor purchases, offering programmable cards, wallets, budgets, and accounting exports. The critical bet was that finance teams would adopt a system that gave employees autonomy without losing oversight. This required card issuing, payment infrastructure, mobile capture, and ERP integrations. The founder-level lesson is that brownfield entry succeeds when the new workflow reduces both employee friction and finance-team risk. It fails if controls are too rigid, implementation too complex, or reconciliation incomplete.
FOOTHOLD STRATEGY
Wedge Strategy
Soldo’s first wedge was European businesses with decentralized employees and contractors making frequent purchases. They were reachable through finance and operations networks, could pay because expense leakage and reconciliation were costly, and could start with a limited number of cards. The path outward extended into mid-market and enterprise accounts, supplier cards, procurement workflows, and multi-country governance.
GROWTH CAMPAIGN
CAMPAIGNS THAT WORKED
SO WHAT: Soldo’s supplier-card concept reframed recurring vendor spend from an accounting line item into a controllable payment workflow.
KEY LEARNING: the strongest expansion wedge is often not the employee but the recurring vendor relationship behind repeated purchases.
HOW TO USE: Identify a recurring, fragmented spend category—software, ads, logistics, contractors—and create a dedicated payment-and-control object that makes every transaction traceable to a budget and owner.
KEY LEARNING
In a mature market, the entrant must make a specific control improvement visible to the economic buyer. The strongest wedge is usually a workflow where leakage, delay, or reconciliation cost is measurable.
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Market Context
| MARKET INTELLIGENCE
PATTERNS IN FINANCE-CONTROL SOFTWARE DISTRIBUTION:
1. FINANCE LEADERS BUY CONTROL; USERS ADOPT CONVENIENCE. The product must satisfy both sides or it creates workarounds.
2. INTEGRATIONS DE-RISK ENTERPRISE ADOPTION. ERP and accounting connections make the platform part of existing reporting systems.
3. ENTERPRISE REFERENCES ACCELERATE MID-MARKET SALES. Large logos reduce perceived implementation and security risk.
4. THE WEAKNESS: customization creep. Complex enterprise requirements can turn a scalable SaaS product into a services business.
| MARKET ENTRY PLAYBOOK
Use brownfield entry when the incumbent workflow is manual or fragmented and the replacement can preserve auditability. Build payment controls and accounting integrations together.
How to enter
| FOOTHOLD STRATEGY PLAYBOOK
Start with a spending category where decentralization creates measurable risk. Expand into adjacent workflows only after controls and reconciliation are trusted.
How to get the first strong position
MARKET PATTERNS & PLAYBOOK
3
MONEY
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Soldo prices by company plan and usage rather than relying solely on interchange. Its Standard plan starts at £27 per month with three users and three cards, while Unlimited includes unlimited users, wallets, cards, and transfers; card fees, foreign-exchange fees, and add-ons create additional revenue.
REVENUE MODEL
Subscription, Transaction Fee, Service Fee
PRICING MODEL
Tiered Pricing, Transaction Fee, Add-On Pricing
WHY THEY WON
Businesses pay recurring subscription fees for wallets, users, cards, controls, and integrations. Soldo also earns transaction-linked revenue from card usage and foreign exchange, plus fees for additional cards or services. The meter is organizations, users, cards, wallets, and spend volume; revenue expands as companies add teams, suppliers, countries, and controls. Margin depends on payment processing, compliance, support, and implementation costs.
Soldo uses tiered monthly plans: Standard from £27 per month and Unlimited with unlimited users, wallets, cards, and transfers. It charges a fixed 1.5% foreign-exchange fee and may charge for additional cards or services; enterprise pricing is customized around entities, integrations, and controls.
TARGET AUDIENCE
Mid-market companies (Standard/Premium; want employee cards, budgets, and accounting sync); enterprises and multi-entity groups (Unlimited/custom; want global controls and ERP integration); finance teams (all tiers; want real-time visibility and reconciliation); operations and procurement teams (supplier cards; want vendor-level spend control).
CUSTOMER BUYING BEHAVIOUR
A finance leader usually evaluates Soldo after expense leakage, reconciliation delays, or a decentralized-team control problem. They assess card controls, ERP compatibility, security, implementation effort, and pricing; adoption often begins with one team or spending category before expanding company-wide.
| PRICING INTELLIGENCE
What makes this model effective & make customers pay
Customers are not buying cards; they are buying decentralized spending without losing financial control.
RULE 1 — PRICE THE CONTROL LAYER, NOT THE PAYMENT RAIL. Budgets, permissions, and audit trails create the durable value.
RULE 2 — USE CARDS TO CAPTURE STRUCTURED DATA. Payment instruments turn spending into real-time, actionable information.
RULE 3 — SELL ERP READINESS TO THE ECONOMIC BUYER. Finance teams pay for clean reconciliation and reporting, not mobile convenience alone.
RULE 4 — WATCH THE VENDOR COST TRAP. Card issuing, compliance, support, and enterprise implementation can consume subscription margin if not standardized.
The buyer is really buying governed spending autonomy, evidenced by the finance-operations and card-program budget.
PRICE & REVENUE
| Revenue Risk - The biggest threat to revenue stability
Implementation drag: enterprise deployments require ERP mapping, permissions, and change management, increasing cost-to-serve.
Interchange and FX pressure: payment economics vary by market and can be compressed by regulation or competition.
Enterprise concentration: large customers can dominate revenue, making renewals and expansion critical.
Accounting-platform competition: ERP and accounting vendors can add cards, approvals, or bill-pay functionality.
Compliance and fraud risk: card issuing, KYC, sanctions, and transaction monitoring create fixed operational overhead.
Control-versus-flexibility tension: overly rigid controls reduce employee adoption; overly loose controls reduce finance value.
Soldo is privately held; it raised $180 million in 2021, but public revenue and ARR are not disclosed.
Where the model can break
4
MOTION
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Soldo sold complex, multi-entity spend-control software to enterprises including Mercedes-Benz, Sony, and Toyota. Buying involved finance, procurement, IT, security, and ERP integration; its movement from SMB cards to enterprise governance confirms a structured enterprise sales motion.
GROWTH EXPANSION MODEL
Land & Expand, Product Line Expansion
HOW THEY EXPAND
Soldo began with employee and contractor cards, then expanded into supplier cards, invoices, procurement controls, accounting integrations, and multi-entity governance. It expanded within accounts by adding teams, countries, cards, and spend categories, while expanding across 31 countries.
COMPETITIVE STRATEGY
Differentiation
HOW THEY COMPETE
Against Concur, Expensify, Pleo, and corporate-card providers, Soldo differentiated through programmable cards, decentralized budgets, supplier-level controls, and ERP-ready data. Its advantage was serving both employee autonomy and enterprise governance.
GROWTH ENGINE
GTM
Content Flywheel
A finance leader identifies decentralized spending risk → Soldo launches cards, wallets, and controls for one team or category → transaction data improves visibility and reconciliation → additional departments, suppliers, and countries are added → ERP integration and governance deepen account dependence. The compounding trigger is control expansion: each new spending category creates more reason to centralize policy and reporting. The engine weakens if implementation remains bespoke, if employees bypass controls, or if finance teams cannot reconcile data cleanly. A founder can reproduce this by starting with one high-friction spend category and expanding only after the control model is proven.
Soldo uses a sales-led, finance-led GTM with product-led elements for smaller businesses. Direct and enterprise sales target CFOs, finance directors, procurement leaders, and operations teams; inside sales supports SMB onboarding. Accounting and ERP integrations reduce adoption risk, while customer references support larger deployments. The primary motion is sales-led, with product-led adoption at the team level. The founder-level implication is that governance software needs a credible implementation system; product-led adoption alone rarely converts into enterprise-wide contracts.
SUSTAINING MOATS
High Customer Lock-In
moat
The moat is operational lock-in created by card programs, wallets, budgets, approval rules, transaction history, supplier mappings, and ERP integrations. Once finance and procurement workflows run through Soldo, migration requires reissuing cards, rebuilding controls, and remapping accounting data.
| MOAT INTELLIGENCE
THE STANDARD: A lock-in moat lasts when payment instruments, controls, and financial records are embedded across teams and systems.
RULE 1 — CARD PROGRAMS CREATE OPERATIONAL DEPENDENCE. Employees, contractors, and suppliers rely on issued cards and wallets.
RULE 2 — CONTROL LOGIC CREATES INSTITUTIONAL MEMORY. Budgets, approvals, and policies encode how the company spends.
RULE 3 — ERP INTEGRATION CREATES DATA GRAVITY. Transaction mappings and reconciliation workflows make replacement costly.
THE SIGNAL: Soldo serves more than 25,000 organizations across 31 countries, including large enterprises such as Mercedes-Benz, Sony, and Toyota. The moat does not protect against poor implementation, weak support, or a platform with stronger ERP-native controls.
Why this company remains defensible
ARR & TAKEAWAY
ARR Journey - what to do at each stage
PRE-$1M ARR — PROVE PROGRAMMABLE CARDS. Founded in 2015, Soldo focused on prepaid Mastercard cards, wallets, and spending rules; its first customer arrived in 2017. WATCH: whether finance teams would trust a new card program.
$1–5M ARR — WIN DECENTRALIZED TEAMS. Soldo targeted businesses with employees and contractors making frequent purchases, proving that controls could reduce leakage. WATCH: onboarding and card-program operations.
$5–10M ARR — ADD ACCOUNTING AND ERP READINESS. The strategic move was to make transaction data exportable and integration-friendly, expanding beyond expense capture. WATCH: implementation complexity.
$10–50M ARR — MOVE UP-MARKET. Soldo won mid-market and enterprise customers, including Mercedes-Benz, Sony, and Toyota, by emphasizing controls, integrations, and multi-country capability. WATCH: customization and services drag.
$50–100M ARR — EXPAND INTO PROCUREMENT. Soldo added supplier cards, invoices, and procurement-oriented workflows, increasing account value beyond employee expenses. WATCH: product breadth versus core spend-control focus.
$100M+ ARR — NOT REACHED based on available public evidence. The likely requirement is productizing enterprise configuration and scaling multi-country support without eroding margin.
Rule: in spend governance, prove that controls reduce leakage and reconciliation work before expanding from employee cards into procurement and enterprise-wide deployments.
COPY PLAYBOOK : What Worked → What Failed → What to Replicate → What to Avoid
THE STANDARD: Build spend governance by making the payment instrument programmable, then expand from employee autonomy into supplier, procurement, and multi-entity control.
SEQUENCE: 1. Identify a decentralized spending workflow with measurable leakage, delay, or reconciliation cost; prerequisite: access to finance and operations decision-makers. 2. Build cards, wallets, budgets, and permissions as one control system; decision gate: finance can enforce policy without slowing legitimate spending. 3. Add supplier cards, procurement, and ERP integrations only after the employee workflow is trusted; prerequisite: standardized configuration and reconciliation.
WORKED: Soldo’s programmable cards and ERP-ready data helped it move from expense management into enterprise spend governance.
CAUTION: Do not sell enterprise flexibility without productized configuration; custom controls can destroy margin. Do not rely on cards alone; payment access is easily commoditized without budgets, auditability, and accounting integration.
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