Soldo, the London-based fintech startup founded by Carlo Gualandri, who previously helped create Italy’s first online bank, is rolling out a new product in the U.K. today aimed at businesses who need to deploy and manage expenses across an entire company.
Similar to Soldo’s original offering, a multi-user spending account aimed at families, Soldo Business lets companies “delegate, control and track” departmental and employee spending in real-time.
It combines a Soldo account, central dashboard, apps for iOS and Android, and virtual wallets or physical ‘pre-paid’ cards that can be handed out to employees, departments and even external consultants or contractors.
The latter, of course, is made possible by the granular spending controls that are at the heart of Soldo’s tech stack. This allows for different expense criteria for each employee, contractor or spending department, with permissions set and all spending trackable centrally.
For example, cash limits can be set and companies can choose to block online payments, cashpoint withdrawals and foreign transactions.
In addition, the Soldo Business mobile app lets users add transaction information and photos of receipts, while the whole system integrates with commonly used business accounting packages.
On competitors, Gualandri had this to say: “We continue to see ourselves as a companion to a traditional bank account (which is needed anyway for a company of a certain size) rather than a replacement like Tide, and one important difference with the others is that we are launching a fully functioning product that companies can start using right away”.
