Fintech Start-up Soldo launches first of its kind multi user spending account

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London based fintech company Soldo has launched multi user spending account in association with MasterCard. The account holder will be able to define a network of spenders who will have access to the wallet app and a MasterCard debit card. The system allows spending by members but main holder can set budget limits and rules for associating members such as daily allowance limit, budget and hours of usage. Account owner also get the power to enable or disable online transactions, cash withdrawals and overseas spending. Initially the service is being rolled out in UK and Italy with a target to expand across Europe in coming years.

More than 60% consumers in the UK prefer using digital wallet services. Consumers in age group of 18 to 24 years prefer using digital wallet for online purchases. Even for in store purchases 40% in this age group pay through mobile phones, contactless reader or sensor. However, consumers in higher age group such as 55 and above are slow towards adoption of digital wallet and mobile payment services. Digital wallet systems have provided consumer convenience towards managing finances in an organized manner. This is driving the popularity of this segment in UK which is expected to benefit the new service line of Soldo.

Soldo became operational 18 months ago and currently has 7 figure seed funding investment. It has built up its own cloud based full stack technology and also holds e-money license from Financial Conduct Authority (FCA) of UK. The company is targeting business market with this service and does not plan on competing with traditional banking services. However, initial target segment seems to be families as for example, account holder has provision for setting daily allowance limit for a teenager while childcare provider will have the provision to use the card during certain hours of the day within a predefined spending limit. Alternative financial services have become quite popular among unbanked population which helps this consumer segment to enjoy banking services without holding traditional bank accounts. Soldo’s multi user spending account taps into this trend with additional benefits. This is expected to contribute towards increased adoption of this service in coming years.

To know more and gain deeper understanding of the United Kingdom market, click here.