Soldo Launches UK's First Multi-User Expense Account for Businesses

Soldo Business offers companies huge cost savings and streamlined management of company money with a spending account that enables the delegation, control and tracking of a business’ expense Soldo has today announced the launch of Soldo Business (business.soldo.com). Based on the Mastercard payment network, Soldo Business enables companies to delegate, control and track company and employee expenses in real-time. It provides an account, customisable prepaid cards, an Admin Dashboard and an app on iOS or Android that allows users to add specific transaction information and photos of receipts, integrating with business accounting packages. A UK first for the Fintech sector, this simple and secure solution simultaneously allows companies to automate expense accounting and eliminate the workload required to manage cash advances for employees, by defining rules and usage limits for each member of the company network. Soldo Business gives everyone within the company - from employees and consultants to entire business departments - the autonomy to easily manage their individual day to day purchasing and streamline the onerous task of expense reporting. Developed by a highly skilled team of entrepreneurs and finance experts, Soldo Business allows a company to simplify the flow of money associated with its daily operations, making the entire process transparent and optimising management accounting costs. Companies of all sizes can now empower their employees and collaborators to spend on the company’s behalf with a Soldo Business Mastercard that works hand-in-hand with an app, helping them stay on top of their own spending. The account owner retains ultimate authority over the flow of money via a feature-rich Admin Dashboard where bespoke limits, rules and budgets can be set for everyone, in accordance with individual needs. Reports can be generated effortlessly that integrate with accounting systems, every expense can be tracked with instant notifications, and balances are viewable in real time for all users. With Soldo Business companies can:

• Create accounts both for people (employees or consultants) and cost centers - Individuals and departments can be given financial autonomy with a virtual wallet and prepaid Mastercard cards.

• Control and track the distribution of funds across the company - Soldo eliminates the time spent on managing risk-prone and time consuming cash advances. Transactions can be checked in real time by both financial departments and employees via the Admin Dashboard or Soldo app.

• Better management of budgets - with Soldo, a business can define the budget for a person or department, controlling spending limits and rules and adapting them to the needs of each user.

• Reduce the risk of fraud or overspending - Companies can allow or block online payments, Cashpoint withdrawals and foreign transactions. Cards can also be turned on and off at any time.

• Confidently give contractors and junior staff a way to pay for essential expenses - Soldo Business card payments are trackable in real time and can be subject to controls and limits.

• Streamline the management of recurring business expenses - a plastic or virtual card can be given to specific cost centres, such as petty cash expenses, online advertising, catering costs, simplifying the process of cost allocation.

• Instant transfer of money between user accounts free of charge - finance departments or administrators have immediate and transparent information about how company money is allocated between employees and cost centres.

• Integrate with accounting software - Soldo can be integrated with widely used corporate expense management and accounting software packages.

• No company credit checks - Unlike a credit card, Soldo Business does not require company credit checks, as it is a pre-funded expense account.

Carlo Gualandri Founder & CEO of Soldo, said: "I am delighted that Soldo is first to market in the UK for a business spending account that offers companies the ability to delegate, control and track company expenses in real time; a service that is currently unavailable to them from traditional banking partners. Soldo Business is not looking to substitute a company’s traditional bank, but give them an easy way to manage their daily cash flow alongside their existing banking set up. Technology has enabled businesses to simplify many aspects of their day to day operations, however, until the launch of Soldo Business, daily cash flow management was still suffering from a lack of innovation.” Gualandri concluded, “We have addressed a huge need for technology to streamline spending, and with the introduction of Soldo Business, companies can invest more time in strategic decisions and less on the management of day to day expenses, an activity that is of low value to the business but time consuming for employees and subject to a large element of human administrative work increasing in complexity as the business grows.” Designed from the ground up to be multi-market, language, jurisdiction and currency Soldo has developed a cloud-based, full stack technology which is regulated by the FCA with an Emoney licence managing compliance and risk. Currently operational in the UK and Italy, the team will quickly roll out to other European markets.