Score 9.8
Regulation FCA
Score 9.8
Regulation FCA

What is Soldo Business Banking?

Soldo is an expense tracking tool provider launched in 2015 from the UK. The financial management software integrates with accounting accessories to help businesses track their principal company payments and petty cash costs across multiple user profiles.

While not a bank itself, this service complements traditional banking with its modern tracking tools to facilitate financial management of companies. The design of its plans caters to companies of all sizes located in the UK, Italy and the rest of the European Economic Area.

There are three central sections of the service. These include a company-wide spending account, prepaid cards to allocate to your employees and a management application for tracking and analysing both.

The administrative, accounting and banking features combine well across a straightforward bundle of software tools to help track employee spending of company funds.

Let’s take an in-depth look at Soldo’s services to help you gauge whether it’s right for your business.

Key Details

Founded
2014
Users
50,000+
Regulation
FCA
Headquartes
UK
Based on 794 reviews
Soldo Key Details
Founded 2014
Users 50,000+
Regulation FCA
Headquartes UK
Get started with Soldo

Soldo Business Account Pros & Cons

Pros
  • green-check-mark Multi-currency physical and virtual cards available
  • green-check-mark Flexible plans for companies of all sizes
  • green-check-mark Excellent integration with any accounting software
Cons
  • Doesn’t render all business financial services
  • High international transfer and ATM fees

Soldo Banking Features

Soldo doesn’t offer full bank accounting features. Still, it’s a comprehensive tool package that facilitates expense tracking across even the largest companies.

Multi-Currency Accounts

Accordeon button

The company provides you with multi-currency cards that resemble regular bank accounts. However, the MasterCards you can allocate to your employees aren’t debit but prepaid cards, which means that they contain only the funds an employee is supposed to spend. There’s no overdraft option.

Soldo’s accounts can be in three currencies – dollar, euro or sterling. Your staff can use them to make domestic or international physical or online payments and withdraw money from their accounts using an ATM.

As a business owner, you deposit funds to your company account through a simple bank transfer and then allocate them to your expense cards. You can set up recurring monthly top-ups, too, if your employees’ spending is predictable.

Corporate Card

Accordeon button

Corporate employee cards are one of this service’s main features. If you run a business where your employees often travel for business, host dinners, or organise events, the prepaid business card by Soldo is the ideal corporate card solution. It helps you simplify the necessary administration of spending management, erasing the requirement of employees keeping track of their expenses. There’s also much less chance for human error by providing a real-time record.

You can set up an approved list of expenses with your finance team, individualise spending limits, and create policies. The card will reflect these limitations and restrictions for each user. All your staff needs to do is scan the receipts and file them in the appropriate category, keeping your records up to date.

The classic corporate card can be used home and overseas alike. You can go for a virtual company card for online payments, too.

Payments

Accordeon button

Soldo is not your primary bank account, so it doesn’t allow you to make payments to clients or creditors. However, it does enable you to grant funds to team members who can cover expenses in the name of the company.

The financing of employees’ cards is straightforward and grants them spending autonomy. You can also automate card top-ups and create recurring schemes, so you don’t have to think about it too much in the long-run.

Soldo’s tools give you control over the expenses, strengthening the functionalities of your primary bank account.

Roles & Permissions

Accordeon button

Soldo uses permissions to help users manage what employees can and cannot do. Permission defines which actions a user can take. There are five roles which you can grant your employees, each with a different set of licenses:

  • SuperAdmins – can access all features of Soldo, managing wallets, expense centres, cards, and users.
  • Admins – equal access as SuperAdmins, but can’t set permissions for users or determine other Admins.
  • Manager – the primary role is to review transactions of various employees in a group and ensure they’re spending according to the policy.
  • Accountant – access the reports and manage tags, using integrations. They can’t handle money, only the information.
  • Employee – manage their cards, add details to transactions and reports of their activities.

 

Note that users can have an indefinite amount of roles. Soldo is super flexible, allowing you to personalise your administration as needed.

Accounting Tools

Accordeon button

Soldo features no accounting tools of its own. However, it seamlessly integrates with various financial software providers such as Xero, Sage, and QuickBooks.

The application automatically uploads the expenses incurred by your employees to the accounting software in real-time. Your staff needs to input the payment information, and your accountant will get all the relevant data on the platform.

Integrations & API

Accordeon button

The company provides an Application Programming Interface. Thus, allowing businesses using the platform to automate their access to Soldo’s services with the rest of their business system and logistics.

It also integrates seamlessly with various accounting software providers. Therefore, allowing you to incorporate Soldo card spending in your financial reports with ease. The most prominent supported programs include:

  • Xero
  • QuickBooks
  • Sage
  • NetSuite
  • SAP
  • Financial Force
  • Microsoft Dynamics

Security

Accordeon button

The company is under the authorisation and regulation of the Financial Conduct Authority, which sets strict rules related to dedicated finances and guarantees safety to the customers.

Soldo’s privacy policy explains that your information, personal and financial, won’t be shared with third-parties. The company claims it only collects the data necessary for service performance.

Regarding your funds, they’re entirely away from Soldo’s business bank accounts and never accessed except for executing customer’s transactions. The funds are safeguarded under the UK Electronic Money Regulations from 2017.

If any of your employees lose their card, you can block its functionalities from the app, and the order will go into effect immediately.

Customer Support

Accordeon button

If you have any questions about the company’s operations, your account or future developments, you can send them to one of the several dedicated email addresses found on the website. The company tends to provide timely, informative answers.

Alternatively, the FAQ sections at support.soldo.com which you can visit provide detailed explanations and useful links on various account-specific topics. You may find all you need there without contacting a representative.

Perks

Accordeon button

This company doesn’t offer perks to its customers apart from what each plan grants. However, employers can provide a bonuses plan to their employees using the cards.

Soldo states that its mission is to empower, not only control employee spending.

In that vein, it gives you the option to use the cards to provide perks to your staff. It can be a part of your rewards programme since it’s flexible enough to allow your employees to purchase whatever you grant with it.

Additional Features Coming Soon

Accordeon button

While Soldo doesn’t disclose all upcoming features to all customers, those on the Enterprise plan get early access to the latest service characteristics. There’s also a customer feedback panel, which you can join, too.

Plans & Pricing

Before you start paying for Soldo’s services, you can take advantage of the free trial. After it expires, purchase one of the three available plans, Pro, Premium and Enterprise.

No matter which one you choose, you get unlimited available MasterCard transactions, access to the control app, integrations with accounting tools, and a dedicated customer support system.

However, pricier plans add extra features to facilitate the value of this service even further, such as API integrations and non-nominative cards. The details of each scheme are as follows.

ProPremiumEnterprise
Price per month€5€9Custom
Cards available in€, £ and $US€, £ and $U
Spending controls
Accounting integrations
Receipt capture
Free domestic withdrawals
Free local deposits
Automatic card top-ups
Customisable cards for teams
Advanced reporting
Advanced API
Pro
Price per month €5
Cards available in
Spending controls green-check-mark
Accounting integrations green-check-mark
Receipt capture green-check-mark
Free domestic withdrawals green-check-mark
Free local deposits green-check-mark
Automatic card top-ups green-check-mark
Customisable cards for teams close-mark-black
Advanced reporting close-mark-black
Advanced API close-mark-black
Premium
Price per month €9
Cards available in €, £ and $US
Spending controls green-check-mark
Accounting integrations green-check-mark
Receipt capture green-check-mark
Free domestic withdrawals green-check-mark
Free local deposits green-check-mark
Automatic card top-ups green-check-mark
Customisable cards for teams green-check-mark
Advanced reporting green-check-mark
Advanced API close-mark-black
Enterprise
Price per month Custom
Cards available in €, £ and $US
Spending controls green-check-mark
Accounting integrations green-check-mark
Receipt capture green-check-mark
Free domestic withdrawals green-check-mark
Free local deposits green-check-mark
Automatic card top-ups green-check-mark
Customisable cards for teams green-check-mark
Advanced reporting green-check-mark
Advanced API green-check-mark

FAQ

Who can open a Soldo business account?

Accordeon button Accordeon button

Any business registered in the supported areas can open an account and start using Soldo’s services. The company features a pay-by-card pricing model, making it a solution for all companies, from the smallest startups to enterprises.

What countries can I open an account in?

Accordeon button Accordeon button

The UK, the European Economic Area, which encompasses the 27 EU countries, plus Iceland, Liechtenstein and Norway.

What documents do I need to open a Soldo account?

Accordeon button Accordeon button

You have to own a registered company to open a Soldo account.

During the enrollment process, the service will require the details about the company director and your Soldo account administrator. You’ll need to provide proof of address and identification documents, too.

How do I open a Soldo account?

Accordeon button Accordeon button

You create a Soldo account in five straightforward steps:

  1. Choose a plan and fill in the registration form.
  2. Get approved and receive login information.
  3. Fund your company Wallet.
  4. Add employees, expenses, and tracking details.
  5. Order plastic and virtual cards and allocate them to your employees.

As soon as the cards arrive, you’re free to use them.

How can I access my account?

Accordeon button Accordeon button

You’ll use your login information which you received while setting up your account to access it and browse through all the services.

All information related to your account is available through the mobile app and web platform. Note that exactly what you see depends on your dedicated role and licenses you hold, though.

If you’re on the go, download the Soldo app from the App Store or Google Play Store, log into your account, and access the cards and reports.

Is my money safe?

Accordeon button Accordeon button

Yes. Soldo is regulated by the Financial Conduct Authority and holds an electronic money license.

It keeps the money you transfer in segregated accounts, which means that no creditors can claim it if the company goes into bankruptcy. You can also block cards instantly if they get stolen, ensuring you don’t suffer theft in that way.

User Reviews

5/5
label_img

Good service. Good quality. Good customer support. Competitive price. Happy to recommend to others.

By Tom Aug, 2020
5/5
label_img

With me being the Master Administrator; having the option to switch my user role makes it much more convenient that I can view account transactions on my phone rather than having to always use the desktop version.

By Gem Jun, 2020
5/5
label_img

Amazing app, I can control all my business expenses on my phone without having to log into my web console. Easy to use and I can transfer money for my employees in an instant…even while on holidays

By Valentina Apr, 2020

Our Verdict

Soldo isn’t a banking service. It would require many additional features to become a one-stop-shop for all banking and accounting needs of a business. However, it doesn’t try to be a bank, only to facilitate expense allocation and tracking, and it performs this service well.

Using this service as an additional solution will make your expense tracking much smoother and significantly reduce the change of human error.

If you’re a business owner who covers the company’s expenses themselves or you have several trusted staff members to cover that aspect of your job, Soldo won’t be of much use to you.

Still, between the dedicated cards, the mobile app, web interface, five-tiered permission scheme and flexible plans to suit all, it’s a beneficial service for any business. It’s perfect, for those that need to improve their spending tracking, especially as it grows.