Company Overview and Core Business Model in the United Kingdom
Soldo Financial Services Ltd, registered in England and Wales under Company No. 09495650, has established itself as a significant player in the United Kingdom's financial technology sector. Founded in 2015 by Carlo Gualandri, the company maintains its registered office at 119 Marylebone Road, London NW1 5PU. As a privately held entity, it forms part of the broader Soldo Group, which also includes Soldo Financial Services Ireland DAC to facilitate services across the European Economic Area.
It is crucial for businesses to understand Soldo's fundamental operational premise: Soldo is an electronic money institution, not a lending company or a traditional bank. This distinction is paramount, as Soldo does not offer loans, overdraft facilities, or any form of credit to its customers. Instead, its business model is entirely focused on providing comprehensive corporate spend management solutions. This involves the issuance and management of prepaid Mastercard® cards, which are linked to a centralised corporate e-wallet. Customer funds are safeguarded in segregated accounts, ensuring they are never lent out or invested, thereby adhering to strict regulatory requirements for e-money institutions.
Soldo’s target market is broad, encompassing small to large enterprises, non-profit organisations, and various teams that require delegated spending controls and real-time oversight of their expenses. The platform is designed to streamline financial processes, reduce administrative burdens, and provide finance departments with unparalleled visibility into decentralised spending across an organisation. Key executives, including Co-Founder & CEO Carlo Gualandri, steer the company’s strategic direction, focusing on product innovation and market expansion within its specialised niche.
Soldo’s Spend Management Solutions: Beyond Traditional Lending
As clarified, Soldo does not provide lending products or credit. Instead, its primary offerings revolve around sophisticated tools for corporate spend management. These solutions are built upon a foundation of prepaid Mastercard® cards and a powerful, unified expense management platform.
Prepaid Mastercard® Cards
Soldo issues physical and virtual prepaid Mastercard® cards that can be assigned to individual employees, departments, or specific projects. These cards are pre-funded from the corporate e-wallet, allowing businesses to set precise spending limits, control where and how funds are used, and prevent unauthorised expenditures. This system offers a high degree of flexibility and security, enabling employees to make necessary purchases while ensuring financial policies are strictly followed. Funds can be instantly transferred to employee cards, providing immediate access when required.
Unified Expense Management Platform
The core of Soldo’s service is its intuitive, web-based console and robust mobile application. This platform provides real-time visibility into all spending activities. Key features include:
- Real-time Notifications: Employees receive instant alerts for every transaction, while finance teams gain immediate insight into company-wide spending.
- Receipt Capture: Users can capture receipts instantly using their mobile device, attaching them directly to transactions, which significantly reduces manual data entry and simplifies reconciliation.
- Spending Controls: Finance managers can implement granular controls, defining limits, categories, and even specific merchants for each card, ensuring adherence to budget and policy.
- Multi-currency Transactions: Soldo supports multiple currencies, making it suitable for businesses with international operations or employees who travel.
- Budgeting Tools: The platform allows for the creation and management of budgets, offering a clear overview of spending against allocated funds.
Integrations and Operational Fees
Soldo boasts seamless integrations with leading accounting and procurement systems, including Xero, Sage, QuickBooks, SAP Concur, Oracle, NetSuite, and Exact Online. These integrations automate the reconciliation process, ensuring data flows effortlessly from spending to accounting, thereby saving significant administrative time. For instance, some clients have reported reducing finance-admin time by as much as 90%.
While Soldo does not have interest rates associated with loans, it does have fees related to its prepaid card services. Businesses should be aware of charges such as ATM withdrawal fees, which typically stand at 1% with a minimum charge of £2 per withdrawal. Foreign currency transaction fees may also apply, depending on the specific plan and usage. The precise structure of subscription fees for the platform itself depends on the chosen service tier, which usually varies based on the number of users and required features. Businesses are advised to review the specific terms and conditions carefully before onboarding.
Application Process, Regulatory Status, and Customer Experience
Application and Onboarding
The application process for Soldo is entirely digital, conducted via its web-based console or mobile application. There are no physical branches for customer interaction, with support primarily offered through in-app chat, email, and phone. For onboarding, the legal representative and a designated Super Admin must submit identity documents, such as a passport or national ID, along with proof of address. Furthermore, corporate documentation, including the Certificate of Incorporation, Articles of Association, and details of beneficial ownership, are required. Soldo typically completes the verification process within one to two working days. As an e-money institution, its 'underwriting methodology' focuses on robust Know Your Customer (KYC) procedures, along with stringent anti-money laundering (AML) and anti-fraud checks, rather than assessing credit risk, as it does not extend credit.
Regulatory Status and Consumer Protection
Soldo Financial Services Ltd is a fully authorised Electronic Money Institution, regulated by the UK Financial Conduct Authority (FCA Reference No. 900459) since 30 April 2018. This regulatory oversight ensures strict compliance with financial regulations and safeguards customer funds. Soldo also holds an E-Money Institution licence from Ireland’s Central Bank, which was granted in March 2019, enabling its services across the European Economic Area post-Brexit. A critical aspect of Soldo’s regulatory compliance is the safeguarding of customer funds, which are held in segregated accounts, distinct from Soldo's operational funds. This means customer money is protected and not available for lending or investment by Soldo. The company is also subject to UK AML, General Data Protection Regulation (GDPR), Revised Payment Services Directive (PSD2), and eIDAS requirements, providing robust consumer and data protection.
Customer Experience and Support
User reviews generally highlight a positive experience, particularly concerning the ease of expense control and visibility. The Soldo mobile app, available on iOS and Android, boasts high ratings (App Store: 4.8/5, Play Store: 4.6/5, though these ratings are unverified by our research). Customers appreciate features like real-time notifications, quick receipt capture, and granular spending controls. Common complaints often relate to the specific fees charged for ATM withdrawals and foreign currency transactions. Furthermore, some users note that Soldo, not being a full bank, requires a separate business bank account for core banking needs. Customer service is available through live chat, email, and telephone, with dedicated support options often provided for Premium and Enterprise plan subscribers.
Market Position, Competitors, and Growth Prospects
In the dynamic landscape of financial technology, Soldo has carved out a distinct niche within the United Kingdom and beyond. While its market share of UK electronic money institution assets stands at approximately 0.14% (ranking 58th by total assets), its specialised focus on corporate spend management positions it strongly against a growing field of competitors. TheBanks.eu, as of June 2025, ranked Soldo at #67 among UK payment institutions, with an overall rating of 4.52/5, underscoring its respected presence in the sector.
Key Competitors and Differentiation
Soldo operates in a competitive environment with several notable players offering similar spend management and corporate card solutions. Its primary competitors in the UK market include:
- Pleo: A popular choice for expense management with smart company cards.
- Curve: Offers a consolidated card solution, though its business offering overlaps with spend management.
- Spendesk: Another prominent platform for controlling and automating business spending.
- Airwallex: Focuses more broadly on global payments and financial infrastructure for businesses.
- Revolut for Business: A comprehensive business account that includes spending cards and expense management features.
Soldo differentiates itself through several key aspects. It is often cited for its deeper accounting integrations, which provide more robust and seamless connections with major ERP and accounting platforms. Furthermore, Soldo offers particularly strong budgeting and control features, allowing for highly granular management of company spending. Its multi-jurisdiction e-money licensing (UK FCA and Central Bank of Ireland) also provides a competitive edge, enabling smoother operations for businesses with a presence across both the UK and the EEA.
Growth and Expansion Plans
Soldo has demonstrated significant growth potential, evidenced by its successful Series C funding round in 2021, which raised $180 million, contributing to a total of $370.2 million in funding from investors such as Accel, Battery Ventures, Highland Europe, and Silicon Valley Bank. The company's future plans include continued product innovation, such as the development of specialised fuel and subscription cards, alongside an intensified focus on strengthening partnerships with ERP and accounting platforms. Its global customer base, exceeding 25,000 organisations across 31 countries as of July 2025, including well-known names like Spotify, Deliveroo, Square, and Monzo, indicates a strong market trajectory and a reputable client portfolio.
Practical Considerations for Businesses Using Soldo
For UK businesses considering Soldo’s services, understanding its operational framework and how it can best integrate into existing financial processes is key. As Soldo is not a lending institution, the advice here is geared towards maximising the benefits of its spend management platform.
Understanding Soldo’s Role
Always remember that Soldo offers a spend management solution, not credit. Businesses should not approach Soldo expecting loans, overdrafts, or lines of credit. Its value lies in improving control, visibility, and efficiency over operational spending. It acts as a powerful tool to manage company expenses, rather than a source of finance.
Managing Funds and Fees
Businesses must ensure their Soldo e-wallet is adequately funded, as all transactions are prepaid. Funds can be added via GBP, EUR, or USD bank transfers (Faster Payments or SEPA). Be mindful of the fees associated with ATM withdrawals (1% minimum £2) and potential foreign currency conversion charges. These costs can add up, particularly for businesses with frequent international transactions or high cash withdrawal needs. Reviewing the chosen plan's specific fee structure is essential to avoid unexpected expenses.
Integration with Accounting Systems
One of Soldo's strongest advantages is its deep integration capabilities with various accounting platforms. To fully leverage Soldo, businesses should actively integrate it with their existing accounting software (e.g., Xero, Sage, QuickBooks). This automation significantly streamlines reconciliation, reduces manual data entry errors, and provides real-time financial data for better decision-making. Proper setup of these integrations from the outset will maximise efficiency gains.
Employee Adoption and Policy Enforcement
The success of a spend management platform like Soldo heavily relies on employee adoption and adherence to company spending policies. Clearly communicate the benefits to employees, provide adequate training on using the mobile app for receipt capture, and reinforce spending guidelines. Utilise Soldo’s granular spending controls to enforce policies effectively, ensuring that delegated spending remains within approved parameters and budgets.
Considering Customer Support
While Soldo offers digital customer support channels, businesses should evaluate the level of support included in their chosen plan, especially for larger enterprises that might require dedicated assistance. Familiarity with the available support options – live chat, email, and phone – will be beneficial when issues or questions arise.
