Fintech platform Soldo has expanded its AI-powered spend management solutions amid economic challenges,led by new Chief Business Officer Flavia Alzetta, focusing on enhancing control and automation for UK businesses.
Fintech platform Soldo, known for helping businesses manage company-wide spending in real-time using advanced technology, is evolving its approach to spend management amid today’s challenging economic conditions. Since closing a $180 million Series C funding round in July 2021, led by Temasek, the company has accelerated product development and expanded its presence across Europe, serving high-profile clients such as Sony, Warner Bros, and Mitsubishi Electric.
In April 2024, Soldo appointed Flavia Alzetta as its chief business officer, bringing over two decades of experience in payments and financial services, including a 14-year tenure at American Express. In an exclusive interview, Alzetta shared insights into how digitalisation and technology are transforming financial operations and spend management, particularly against the backdrop of rising inflation and ongoing global supply chain disruptions.
Alzetta emphasised that modern spend management encompasses both the financial amounts spent and the governance, processes, and procedures that control expenditure. Today’s businesses need technology-driven solutions that optimise these activities by automating manual, labour-intensive tasks, thereby freeing up resources and driving efficiency. She noted that with inflation and supply chain issues intensifying, companies require greater visibility and control over every transaction to respond with agility and allocate resources where they add the most value.
At Soldo, the integration of artificial intelligence and automation is central to delivering smarter spend insights. “We utilise AI from the very start of the customer journey, including website navigation and onboarding, to dynamically engage users in real-time without human intervention,” said Alzetta. The company is developing AI-powered onboarding cues to enhance customer experience continuously. However, she also highlighted that financial regulation shapes how AI is adopted, with regulated firms embracing policies that protect consumers while fostering innovation.
Addressing the challenge of balancing control with user-friendly experiences in spend management, Alzetta explained that Soldo offers businesses the tools to determine this balance themselves. Rather than forcing a compromise, the platform empowers users with choice, enabling them to manage spending in ways that best suit their organisations. “It is not a question of balance; it is a question of choice,” she clarified.
Regarding trends in UK business spending priorities, Alzetta observed a growing maturity among companies recognising that traditional spending methods, such as company credit cards, no longer serve as effective spend management tools. She noted that while credit cards facilitate payment, they do not offer the real-time codification and control capabilities that digital platforms like Soldo provide. “The digitalisation of receipts and invoicing is a reality, and the ability to codify expenses in real-time using a platform like Soldo is the future of spend management,” she said.
Although technological advancements are accelerating, adoption rates among businesses can be slow. Soldo aims to raise awareness of the benefits its platform delivers, helping companies overcome barriers to adoption and optimise their spend management practices.
In summary, Soldo is positioning itself as a technology-driven partner for businesses seeking not only enhanced control and visibility over spending but also smarter, AI-enabled financial operations that respect regulatory frameworks. As financial landscapes grow more complex, tools like Soldo’s platform are increasingly vital in helping organisations navigate economic pressures with flexibility and strategic focus.
Source: Noah Wire Services
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