Soldo, a London-based fintech startup, has announced plans to launch a multi-user spending account that’ll be directed towards families and businesses. The multi-user spending account was created as a way to control of where funds are going. Such examples include giving children money and paying bills within the household. The company explained:
“Create multiple users and give MasterCard cards to anyone in your household aged 8 and up. The cards will come embossed with their names, but you’ll control the purse strings. If your children have smartphones, they can download the app too, and learn as they spend.”
Soldo also offers a safeguard for all cards, by allowing the users to allow or prevent online transactions, cash withdrawals, and oversea transactions. Users may also set daily, weekly, or monthly budgets on each virtual wallet individually along with instantly increasing and decreasing and even lifting them as well. Carlo Gualandri, the founder of Soldo, reportedly revealed that the company is not a bank nor is it trying to challenge the current banking system:
“We have identified a problem that is common to many families and businesses and created a simple solution that will work alongside customers’ current banking systems.”
He then added:
“We envision our customers will continue using traditional banking services for what they do best and make their lives easier by using Soldo to manage day to day spending for everybody in a family or business environment.”