London based multi-user spending platform Soldo has raised $11m in Series A funding led by Accel. Founded by Carlo Gualandri, who previously helped create Italy’s first online bank, Soldo offers a multi-user spending account for businesses that need to deploy and manage expenses across an entire company.
It enables companies to “delegate, control and track” departmental and employee spending in real time by combining a Soldo account, central dashboard, apps for iOS and Android and virtual wallets or physical “pre-paid” MasterCards that can be handed out to employees, departments and even external consultants or contractors. In addition — and key to the startup’s vision — Soldo offers granular spending controls that are at the heart of its tech stack. This allows for different expense criteria for each employee, contractor or spending department, with permissions set and all spending trackable centrally. For example, cash limits can be set and companies can choose to block online payments, cashpoint withdrawals and foreign transactions.