These days, starting a
company is a relatively easy process. As such, there are many services and
financial products available to support entrepreneurs in their ventures.
However, one of the trickiest elements of running your own business is keeping
on top of your banking and expenses. When it comes to the end of the tax year,
it can create headaches for many business owners. Thankfully, there are several
services that make the process easier. One such service is Soldo. We take a
look at what to expect from a Soldo account.
Quick look – pros & cons
Soldo has a diverse range of features that can make managing
your business expenses and financials easy. We take a full look at what to
expect, but have outlined the main pros and cons below:
Combines your existing banking with expense
Allows you to keep on top of your expenses and
those of your employees.
Offers plans for a variety of users.
Allows you to export data into your accounting
It’s not a bank account, so you’ll need a
regular business account for all your needs.
You’ll have to pay for ATM withdrawals and
foreign currency transactions.
Not FSCS protected.
Overall, this is a mostly positive view of what is a useful
service for many. It’s not a bank account replacement, but it is a tool to work
alongside your existing business finances.
What is Soldo?
Soldo is a company that provides businesses with pre-paid Mastercards to be used for expenses. These Mastercards integrate with Soldo’s expense tracking and accounting software. There are several levels of Soldo membership, catering to different business needs.
Carlo Gualandri founded the company back in 2015, initially
aimed at consumers. However, after raising $11 million in funding, they
expanded their offering to businesses.
They’ve since grown to a team of over 100 people, with offices in four
different countries. Soldo has helped over 40,000 businesses manage their finances,
including huge names like Monzo, Mitsubishi, and Toyota.
How does Soldo work?
You can easily sign your business up for a Soldo account.
You first need to select a plan that fits the need of your company. From there,
you have to fill out a variety of information about yourself and your business.
You can select how many cards you need initially, and request a custom quote if
you need more than 30 cards.
Once you’re done with the setup, you can start handing out
your pre-paid debit card(s) to your employees. These are each linked to your
Soldo platform, where you can manage and monitor the cards in real-time.
There’s a lot you can do from the platform itself, either on
the app or desktop version. You can set expense limits, sort transactions by
type, manage receipts and more. Although Soldo isn’t a bank, you can still
perform some actions that you’d usually do with a bank, such as depositing and
transferring funds. Cardholders can also withdraw cash from ATMs.
The other main function of Soldo is to provide reports and
analysis that can you can export into your accounting software.
What features does Soldo have?
Soldo is a service that is packed full of features. Many of
these are incredibly valuable for getting organised with and keeping on top of
your business finances. The exact set of features you get depends on the tier
of service that you subscribe to. Below, we’ve outlined the main features of
each of the three tiers:
This is the basic tier that Soldo offers. It comes with the
following main features:
Access to plastic and virtual cards for your
The mobile and web app that comes with the
Free deposits and transfers with your accounts.
Basic CSV exporting to a variety of accounting
software suites, including Xero automatic bank feed.
Cards available in GBP.
The mid-tier comes with everything that Soldo Start comes
with, and additionally has:
Advanced CSV exporting to any accounting
Complete Xero integration.
The ability to capture receipts using the app.
Additional card currencies, including EURO and
The ability to automatically top-up cards.
Additional notes and tracking categories, giving
an extra data layer.
The ability to add permissions and roles to
The top tier offering has everything that the initial tiers
offer, with the addition of:
Advanced reporting on financial activities.
The ability to custom-configure company roles.
What are the fees for using Soldo?
Each of the three tiers is priced differently, and there are
also some additional costs for using Soldo’s service. We’ve outlined both sets
of costs below. For the different tiers:
Start. There is no monthly fee per card for using the basic service.
Currently, there is a promotional offer of £3 per card per month. Usually, this
service is £4 per card per month.
Premium. At this level, it costs £7 per card per month.
£5 for plastic card issuing and £1 for virtual
card issuing. Each replacement card is charged at the same rate.
£6 for bank withdrawals outside of the UK in
£16 for other international withdrawals and
transfers, applicable to bank transfer in USD, GBP to non-UK bank accounts, EUR
using non-SEPA circuit.
£1 for GBP withdrawals when your card currency
is GBP. £2 when withdrawals in other currencies.
€1 for EURO withdrawals when your card currency
is EURO. €2 when withdrawals in other currencies.
$2 for USD withdrawals when your card currency
is USD. $2 when withdrawals in other currencies.
Transactions in other currencies are charged at
2% for Soldo Start customers and 1% for Pro and Premium members.
Currency exchanges between your accounts are
charged at 1% above the interbank rate.
Transaction investigation fees are £10.
Overall, this is a fairly competitive set of rates. Of
course, some challenger banks have better rates, particularly on international
payments/withdrawals, but Soldo isn’t a bank.
Who is Soldo for?
Small and medium-sized enterprises will find many of Soldo’s
services to be beneficial. If you’re new to running a business, you may find
that expenses, bookkeeping and taxation are particularly challenging. Soldo
makes that entire process far easier and gives you and your employees the flexibility
to manage their spending.
Those who are used to managing multiple employees expenses
will find that Soldo can streamline your existing processes. The fact that it
integrates with many of the top accounting software packages makes life
particularly easy. Xero,
in particular, has seamless integration with Soldo, meaning you can easily
export and manage your company finances.
What are the drawbacks of using Soldo?
Like just about every financial product we review, there are
a few downsides of using Soldo. Perhaps most notable is that it’s not a bank account replacement. It’s not
trying to be, but it does mean that you have to add another layer of complexity
to your accounting. You’ll still need a regular business bank account and
accounting software to go alongside Soldo.
One of our other problems with the service is that there are
quite a few additional fees for using it. Although the free tier is great for
those starting out, most serious businesses will need at least the Pro level
subscription. Here, fees can still creep up, particularly if you’re dealing
with a lot of transactions in foreign currencies.
Finally, although Soldo’s customers’ money is kept in
segregated accounts, it’s not protected under the Financial Services
How safe is Soldo?
Soldo isn’t a bank, which is why it doesn’t need the FSCS
protection. However, it is regulated by the FCA, and it holds an electronic
There are a few features of the app and website that add
extra security to the experience. Firstly, you can instantly block a card that
has been lost or stolen by using the app or website. Both are also encrypted
and password-protected, meaning your data and your money remains safe.
Ultimately, Soldo has an impressive array of features. It’s
easy to see how companies of various sizes could benefit from the services that
Soldo provides. The pre-paid cards are a great way of keeping on top of
expenses spending. And, with the advanced features of top tiers, you can create
profiles for employees, giving an extra level of detail.
Although there are a few niggles, overall, the pros far
outweigh the cons. If you want some real-time insight into how your expenses
are shaping up, Soldo is definitely worth your consideration.
Combines existing banking with expense management.