The creator of the first multi-user spending account, has emerged from 18 months of beta with an undisclosed seven-figure seed round and the launch of a family-focused product.
Soldo is led by Carlo Gualandri, a European tech veteran and serial entrepreneur. Mr. Gualandri founded Matrix, who created Italy’s first web portal and Active Advertising, a company which was sold for more than €2 billion.
Soldo collaborated with MasterCard to develop a product which helps families and companies manage the spending of everyone needing access to a spending account. The account holder sets a network of users with access to an account, whether that be family members or a corporate team. Budgets and rules can also be set, with real-time alerts issued when spending occurs.
Soldo, while unique, does not wish to displace anyone, Mr. Gualandri said.
“Soldo is not looking to disrupt the universal banking system, nor is it looking to compete for traditional banks’ customers.
“We have identified a problem that is common to many families and businesses and created a simple solution that will work alongside customers’ current banking systems. The evolution of financial regulations and technology, alongside a shift in user behaviour is opening up possibilities for new players such as ourselves to enter the market, offering new and innovative financial services. We envision our customers will continue using traditional banking services for what they do best and make their lives easier by using Soldo to manage day to day spending for everybody in a family or business environment.”
Soldo employs cloud-based, full stack technology which is FCA-regulated and operates with its own license managing compliance and risk. It operates in the United Kingdom and Italy and has plans for European expansion.