Soldo, the London-based fintech startup, is boasting the release of a new product in the U.K. today, which is aimed at businesses who need to deploy and manage expenses across an entire company. Founded by Carlo Gualandri, who has also previously helped create Italy’s first online bank, this company’s new offering is a cut above the rest.
It comes in a similar vein to Soldo’s original offering and is basically a multi-user spending account marketed towards families, but Soldo Business has the added advantage of letting companies “delegate, control and track” departmental and employee spending in real-time.
This new product manages to combine a Soldo account, central dashboard, apps for iOS and Android, and virtual wallets or physical ‘pre-paid’ cards that can be distributed out to employees, departments and even external consultants or contractors.
This extent of distribution is, of course, conceptualized realistically by the granular spending controls that form the very foundation of Soldo’s tech stack. This basically allows for different expense criteria for each employee, contractor or spending department, with permissions set and all spending trackable centrally.
Apart from this, the Soldo Business mobile app also allows users to add transaction information and photos of receipts, while the whole system integrates with commonly used business accounting packages.
When asked about competitors, Gualandri spoke in an upright and confident manner, saying:
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.