Soldo, a London, UK-based fintech startup that provides a multi-user spending account, announced an $11m (approx. £9m) Series A funding round.
The round was led by Accel with participation from Connect Ventures, InReach Ventures, U-Start and R204 Partners. In conjunction with the funding, Sonali de Rycker, Partner at Accel, will join Soldo’s board.
The company intends to use the funds to further strengthen its proprietary technology and expand in current markets, UK and Italy, and launch throughout Europe (firstly in Luxembourg and Ireland) by increasing its marketing and business development functions.
Founded in 2014 by Carlo Gualandri (one of the most successful tech entrepreneur in Italy with past experiences at Virgilio and Gioco Digitale), Soldo provides Soldo Business, a spending account that enables small to medium-sized business owners to operate a network of spending card users and control over how each card within the network is used.
Following a successful consumer launch with Soldo Family, the business solution provides a digital wallet, unlimited customizable prepaid cards, an admin dashboard, and an app for employees and collaborators on iOS and Android that allows users to add specific transaction information and photos of receipts, integrating with major business accounting packages.
Designed to be multi-market, language, jurisdiction and currency and based on the Mastercard payment network and a proprietary software platform, Soldo Business enables a business to delegate, control and track company and employee expenses in real time and gives transparency with notifications that can be sent to alert when the cards are being used.
Regulated by the FCA as an Electronic Money Institution and passported in 30 EEA states, the company currently has a team of 40.