Soldo, an app for family and multi-user spending accounts, has launched formally today in the UK and Italy after recently raising an undisclosed seven-figure seed round.
The London-based fintech startup provides customers with a service for managing multiple users spending account.
Account holders delegate a wallet and debit card (issued through a partnership with MasterCard) to other users in their network to manage their spending. The holder can set budgets and spending controls for the users, including children to make sure they’re spending safely. Spending is monitored with real time alerts and can be enabled or disabled at any time.
Soldo describes multi-user spending as an area that has been ignored by fintech and traditional players thus far. “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,” said CEO Carlo Gualandri.
The Soldo business model involves subscription fees per user per month with additional fees for premium services.
The startup had been operating in stealth for the last year and a half after it achieved FCA approval in the UK in 2015.
“We plan to add other European markets like Spain, France, Portugal and Germany starting in 2017 after we have consolidated our market entry in the first two markets,” said Gualandri.
The startup is targeting families and couples as its first customer base with a view to offering the service to businesses in the future.