Soldo, a London-based fintech startup, has reportedly secured €54 million through its Series B funding round, which was led by Battery Ventures and Dawn Capital As previously reported, the multi-user spending account was created as a way to control of where funds are going. The company further 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. Founder of Soldo, Carlo Gualandri, stated to TechCrunch:
“We are a company with a fixed cost base and good unit economics so the break-even point is dependent on how much we invest and grow the fixed cost base (because most of our investment is people) and the volume of customers and spend managed by our system. So by deciding to invest in product and sales we are in effect targeting a larger revenue and profit base but later on.”
The media outlet also reported that Soldo recently secured an e-money license from Ireland’s central bank, in addition to the license it holds in the UK, to continue trading within the European single market post-Brexit. Gualandri revealed at the time:
“It’s crazy to think we’ve been forced to work for a year and a half on a hugely complex project, mostly duplicating something that we had already, to prepare our business for something that may or may not happen.”
Funds from the Series B funding round will be used to continue the growth and development of the Soldo platform.