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Tech Lowdown

Tech Lowdown: Business banking and instant finance

18th Jul 2019
Marketing manager
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Welcome to our weekly round-up of the latest news and updates from the accounting tech world. 

This week, Tech Lowdown features Soldo’s new Series B funding round, Monzo’s integration with Xero and FreeAgent and iwoca’s 30-seconds loan decisions.

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Soldo raises $61m in funding

London-based fintech Soldo has closed its biggest round to date led by Battery Ventures and Dawn Capital. The Series B round follows the startup’s 500% growth in 2018.

The company, which provides payments and expense management solutions for businesses, has brought its funding total to $82m with the new round.

The Series B round of funding will be used to further consolidate Soldo’s position in the UK, as well as to double its workforce over the next 12 months and expand into new European markets.

“We will continue to accelerate growth and consolidate our position as market leaders in the UK, Italy and Ireland over the next 12 months,” said founder and CEO of Soldo, Carlo Gualandri.

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Monzo announces new integrations with FreeAgent and Xero

After launching its new business bank account, Monzo has also announced new accounting software integrations with FreeAgent and Xero.

The new integrations will enable Xero and FreeAgent users to link their Monzo business banking account with their bookkeeping software and pull in transactions on a daily basis. 

Monzo has announced the next step of the integration will be to provide instant syncing.

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iwoca launches real-time loan decisions

Business loan lender iwoca is set to integrate into Funding Xchange and Funding Options, two of the UK’s largest business finance marketplaces. The change will allow the company to provide loan decisions within 30 seconds.

The initiative is available for smaller loans of up to £15,000 provided by iwoca’s partners. If a business wants to accept the offer seen on partner sites, iwoca explained in a recent statement, they will be taken to iwoca to withdraw the funds.

The company will also be rolling the service out to other partners in the coming months.

“We have been working with iwoca for the last three years to transform access to funding so that customers using price comparison sites like MoneySuperMarket, or accessing funding through Sage, have the same ease of access and choice that consumers have been accustomed to,” said Paul Henry, chief operating officer at Funding Xchange.

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GoCardless chooses NetSuite for international expansion

GoCardless is working with NetSuite to expand its international operations.

The payments startup grew by 60% last year after securing $75m in backing in a Series E round in February and now has more than 40,000 customers worldwide and processes $10bn in transactions a year.

GoCardless will now use the NetSuite platform to optimise and automate its financial management and streamline its financial operations with views to keep on expanding globally.

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