Tech Veteran Carlo Gualandri & his FinTech start-up Soldo
Finance Monthly had the privilege to talk to tech veteran Carlo Gualandri about his FinTech start-up Soldo. How does Soldo work and how easy is it to implement? With a Soldo business account, organisations can allocate multiple intelligent pre-paid plastic and virtual Soldo Mastercards to employees and departments. Soldo provides real-time control on exactly […]
Finance Monthly had the privilege to talk to tech veteran Carlo Gualandri about his FinTech start-up Soldo.
How does Soldo work and how easy is it to implement?
With a Soldo business account, organisations can allocate multiple intelligent pre-paid plastic and virtual Soldo Mastercards to employees and departments. Soldo provides real-time control on exactly who within an organisation can spend money, how much they can spend and where, when and how they can spend it. Companies can allocate spending budgets and impose very specific spending rules, whilst processing payments in real time. Soldo’s instant controls are remote and virtually effortless. Soldo’s rich and detailed transaction data allows for uniquely detailed analysis, putting an end to the tedium and cost of traditional expense reports. Setting up an account with Soldo is quick and easy. There are no credit checks and accounts are up and running within one business day of registration. Once money is loaded onto an account, funds can be easily transferred to users for free and they can start spending immediately.
What are the three main benefits of investing in a multi-user business spending account?
Delegate: Soldo provides a mean for businesses to manage delegation of spending. It enables them to empower employees and departments to spend on behalf of the business itself – putting an end to cash advances and last-minute bank runs.
Control: With Soldo, businesses can easily stay in control of their money by setting bespoke limits, budgets and rules on user spending to retain ultimate authority.
Track: With Soldo, employees can effortlessly add transaction data, including pictures of receipts, notes and tags. All transaction data is available to view in real time and with a couple of clicks, expense reports can be generated, putting an end to traditional tedious expense reports.
As a young company, what would you say have been the major challenges so far and how have you overcome them?
Soldo is constantly evolving to meet and exceed customer needs. As such, it can prove challenging to implement internal processes in an environment which is dynamic and constantly changing. Soldo benefit from being composed of an experienced team, many of whom have worked together previously, which facilitates processes implementation and communication of ever-changing needs. Another major challenge has been the international outlook of Soldo right from the beginning, with offices in 3 different countries. However, we strongly believe that it is important to have a global outlook from the start to better understand and serve our customers. Here at Soldo, we utilise technology to communicate daily between our various offices and have 2 annual companywide conferences where we come together to discuss our progress and vision for the future.
How did the company come about in the first place, and what has pushed you to develop it this far?
Soldo was founded in 2015 by entrepreneurs and banking experts, united by the search for a simple and effective way to manage money within organisations. With over 20 years of experience in payment services and developing transactional systems, the team has harnessed the latest financial technology to provide the smartest corporate payments and expenses solution. We didn’t just stick a label on an ‘easy’ solution but invested heavily in the creation of a world-class technological, regulatory and operational platform and in finding the best team.
Soldo’s rock-solid innovation and talented team has attracted $20 million, in both Seed and Series A funding. Led by Accel Partners, our Series A round was completed in June 2017.
What are your thoughts on the digital age and the optimisation of all systems, including cashflow and accounts, in 2018?
Long-overdue regulatory evolution in the financial services industry has coincided with vastly accelerated technology amidst a market in which customers are more demanding than ever. Used to seeing innovative technology change almost every aspect of their daily lives, customers are increasingly impatient with old-fashioned, expensive or inefficient solutions. This technological evolution has played out particularly powerfully in cloud and mobile, and the stage is set for a perfect storm that will create significant market opportunities for new players and services. Within financial services, banking has always been a relatively closed market, shielded from the need to innovate by the lack of open market access. In this context, competition has been minimal and B2B services have lagged behind, even those for consumers. Soldo has seized this opportunity, bringing B2B financial services up to speed and leveraging this perfect storm to the utmost. Soldo’s innovative services make it easy for companies to manage and send payments and gain clear insight into spend. Soldo optimises the entire accounts administration process, which has been woefully under-leveraging technological innovation, and is still dominated by time-consuming manual work.