Banking firm Soldo lands $11m in Series A funding
London-based fintech start-up will use funding for the development and marketing of its banking service
Soldo, a London-based banking start-up, has raised an $11m Series A funding round led by Accel, with participation from Connect Ventures, InReach Ventures, U-Start and R2014 Partners.
Founded in 2015 by Carlo Gualandri, Soldo offers an unlimited multi-user spending account for businesses and families, with multiple cards linked to the same account. The app costs £5 per month per user.
Businesses can move money around for free, set budgets and rules for employee and department spending, switch cards on and off, prevent withdrawals and transactions, and view real time balance and transaction data.
Likewise, Soldo enables families to set spending rules, keep tabs on everyone’s finances, transfer to any family member for free, and prevent unwanted transactions.
Started as a bank account for families, Soldo will now use the funding to focus primarily on the development and marketing of its business service. The company currently has offices in London and Rome and the app is available throughout Europe in English and Italian.
Gualandri commented: “Since launch, we knew that businesses loved what we had to offer and bringing Accel on board as part of our Series A is testament to the hard work and dedication of our experienced team.
“We’re looking forward to growing Soldo Business across Europe and rolling out our marketing strategy, bolstered by one of the world’s most notable venture firms.”
Sonali de Rycker, partner at Accel, who will join Soldo’s board, added: “We’re excited to be backing a truly world-class team with deep experience in both financial services and software, which is the killer combination needed to win in the spend management category.
“Soldo has started in two markets it knows well – UK and Italy – but spend management is a global pain point for small businesses that we feel is ripe for change.”