London-based fintech firm Soldo announced it secured $11 million during its Series A funding round, which was led by Accel with participation from Connect Ventures, InReach Ventures, U-Start, and R2014 Partners.
As previously reported, Soldo revealed last fall 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.”
Speaking about the $11 million investment, Carlo Gualandri, founder and CEO of Soldo, stated:
“We were delighted our business account was first to market in the UK offering companies an entirely new way to automate company-wide expense accounting, effectively eliminating the workload required to manage cash advances for employees and track company cash flow. Since launch, we knew that businesses loved what we had to offer and bringing Accel on board as part of our Series A is testament to the hard work and dedication of our experienced team. We’re looking forward to growing Soldo Business across Europe and rolling out our marketing strategy, bolstered by one of the world’s most notable venture firms.”
Sonali de Rycker, partner at Accel, added:
“We’re excited to be backing a truly world-class team with deep experience in both financial services and software, which is the killer combination needed to win in the spend management category. Soldo has started in two markets it knows well – UK and Italy – but spend management is a global pain point for SMBs that we feel is ripe for change.”
As part of the investment, de Rycker is set to join Soldo’s board.