Soldo, the London-based fintech startup that offers a multi-user spending account, first launched for consumers and since tailored to businesses too, has raised $11 million in Series A funding. Venture Capital firm Accel led the round, with participation from Connect Ventures, InReach Ventures, U-Start and R204 Partners.
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…