8 years ago

Soldo Raises $11M for Multi-User Spending Account

  • Soldo, a London-based fintech startup offering a multi-user spending account for businesses, has raised $11 million in Series A funding led by Accel

  • The funding will be used to strengthen Soldo's technology and support growth, as the company expands beyond the UK and Italy and to launch elsewhere in Europe

  • Soldo's solution enables companies to "delegate, control and track" departmental and employee spending in real time by combining a Soldo account, central dashboard, apps for iOS and Android and virtual wallets or physical “pre-paid” MasterCards.

      • ProblemFinancial Services

      "Finance departments in small and medium enterprises (SMEs) struggle to manage expenses effectively. It's a headache for both them and their employees. Employees have to use personal cards, submit expenses, or share a company card, which is inefficient and adds administrative burden."

      Solution

      "Soldo offers a multi-user spending account designed for businesses. Employees get virtual wallets or physical pre-paid MasterCards for their work expenses. The company has a central dashboard, mobile apps, and granular spending controls. Companies can set limits on cash, online payments, cashpoint withdrawals, and foreign transactions. This lets employees spend more freely while giving finance departments more control over spending."

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