Soldo rolls out multi-user spending account in the UK and Italy

The fintech was founded by Carlo Gualandri who previously helped create Italy’s first online bank. The cloud-based service, which has been 18 months in the making, is designed to enable and control the flow of money inside organisations with multiple users.

The app enables users to set budgets but also different rules for each person. For example, a partner may have full control over spending limits, a teenage child may have a daily allowance limit, and a childcare provider may have use of the card only during the hours of their employment. Additionally, users can also enable or disable online transactions, cash withdrawals and overseas spending within the app, and every transaction comes with a push notification sent to the account holder.

Initially, the app was designed for families for things like providing pocket money to children or splitting household bills, but Soldo plans to launch the app for businesses too. The startup has built its own tech stack and holds an electronic money license. Moreover, it is regulated by the UK’s FCA. Soldo is partnering with Mastercard to bring the service to life.

Soldo’s representatives said they would consider formal partnerships with banks, perhaps co-branded rather than white-labelled. Furthermore, when talking about the constant rivalry between traditional banks and challengers, they said “Soldo is not looking to disrupt the universal banking system, nor is it looking to compete for traditional banks’ customers” and since Soldo is about spending only it complements rather than competes against a bank’s current account or other banking products.