Soldo is a cloud-based expense management account that helps businesses of all sizes control their spending. It offers virtual and physical expense cards with custom spending limits, category-based spending reports, and integration with accounting software.

In this review, I’ve analysed its features, pros and cons, and rigorously tested in various circumstances. So is it worth using? How does it fare against competitors? What are the pros and cons?

Let’s find out if Soldo is something which can help your business thrive.

Soldo Header

Soldo – My Verdict

Overall, I have found Soldo an excellent platform with many features that can assist the corporate expense management process.

I was impressed with Soldo’s simplicity and straightforward nature. From the moment you sign-up, it is easy to understand the basic functionalities and get started. The web app does come with a slight learning curve, which, while it isn’t daunting, does require a little more familiarity with web interfaces.

It’s the time-saving aspect is that truly sets Soldo apart, however, especially for businesses managing multiple teams. Expense management and budgeting are traditionally time-consuming and tedious. It becomes noticeably more streamlined with Soldo.

The platform goes beyond expense management and offers valuable budgeting tools, making financial planning a lot easier. This clear and concise overview of spending patterns can be a game-changer for larger organisations with a more substantial budget.

Speaking of large organisations, this is where Soldo tends to falter. The pricing, which is pretty reasonable for smaller corporations, can feel steep for large businesses, as users and cards price Soldo.

It is an excellent tool, no doubt, but large businesses might find cheaper alternatives.

On a brighter note, Soldo’s multi-currency option is a fantastic feature that makes it ideal for businesses trading internationally. This removes the hassle of currency conversions and makes it easier to manage expenses if you operate in Europe or have suppliers abroad.

Pros & Cons of Soldo


  1. Easy Budgeting and Control – You can easily distribute funds to employees, departments, or projects.
  2. Efficient Expense Management – It easily tracks, controls, and manages expenses. Users can snap a picture of a receipt and upload it directly to the platform.
  3. Unlimited Cards – Soldo suits any business size, as you can issue as many expense cards as you wish.
  4. Integrated Software Solution – Soldo is compatible with various accounting software such as Xero and QuickBooks, allowing you to synchronise your expenses seamlessly with your existing accounting systems.
  5. Strong Security Measures – With advanced security protocols, including 256-bit SSL encryption and two-factor authentication, Soldo takes data security seriously.
  6. Customer Support – Many users have praised Soldo’s customer support for its efficiency and responsiveness. They offer 24/7 phone support and an online help centre.


  1. Interface Usability – Soldo’s interface can be overwhelming compared to the competition. There might be a steep learning curve for those unfamiliar with expense management software.
  2. Limited Customisation – Soldo’s customisation options are limited compared to other expense management systems.
  3. Cost – For larger businesses, the cost of using Soldo can be high. While the service provides multiple plans, they are priced per user, which can add up quickly for larger teams.
  4. Limited Functionality on Mobile App – Some users have reported that the mobile app lacks some functionality on the desktop version. While basic tasks can be performed easily, more complex operations might require accessing the system from a computer.

A Brief History of Soldo

Soldo was officially launched in 2016, with its headquarters established in London, UK. The company was founded by Carlo Gualandri, the former founder of Italy’s first online bank FINECO. Soldo started as a prepaid card linked to an app that allowed businesses to manage company expenses in real-time.

After gaining a foothold in the UK market, Soldo set its sights on international expansion. In 2017, it began operations in Italy and Ireland, aiming to provide its unique expense management solution to a broader range of businesses.

In July 2018, Soldo successfully raised $61 million in a Series A funding round led by Battery Ventures and Dawn Capital. This investment round provided the financial backing to fuel Soldo’s growth, development, and expansion across Europe.

In June 2019, the company announced a strategic partnership with Mastercard, significantly expanding its reach and capabilities. Later that year, in July, Soldo secured $61 million in Series B funding led by Battery Ventures, with participation from Dawn Capital and Accel.

Soldo was granted an Electronic Money Institution (EMI) license by the Central Bank of Ireland in 2021. This enabled Soldo to issue electronic money and offer payment services across the European Economic Area, extending its product offerings beyond prepaid company cards.

In July 2021, Soldo announced its Series C funding round, raising $180M that allowed it to venture beyond Europe.

Key Features of Soldo

Payment Cards Features

  1. Individual Spending Limits – You can set up individual limits on your expense cards, providing tailored usage depending on the situation.
  2. Easy Card Management – Soldo lets you order, freeze or cancel your cards from the platform, making your experience simpler and safer.
  3. Multi-User Cards – Besides employee cards, you can create a wallet for a specific team or department with a dedicated share budget.
  4. Fuel Cards – If you have employees driving frequently, Soldo provides a fuel card with a specific spending limit on fuel, electric charging stations, parking and tolls.
  5. Subscription Cards – This feature allows you to manage your third-party subscriptions and remove duplicates easily.
  6. Virtual Cards – To add more safety, you can issue temporary virtual cards to make punctual purchases online.

Expense Management Features

  1. Integrated Expense Solution – Soldo lets you manage your employee’s expenses from one place, split the costs, and generate reimbursement reports, considerably simplifying this laborious process.
  2. Cash Payments – Soldo also supports cash payments, which is always a nice addition.
  3. Spending Policies – More than simple spending limits, Soldo allows you to set spending allowances for certain categories (e.g. meal expenses) or time frames (e.g. daily allowances). Any excess will be displayed on your automated expense reports.
  4. Easy App Integration – Soldo is compatible with over 50 accounting software such as Xero or Quickbooks.
  5. Expense Approval – Soldo will show any expense enquiry you can allow or deny in a few seconds.

Who is Eligible for a Soldo Account?

To open a Soldo account, you must be a registered business and hold a business bank account. Unlike many competitors, Soldo supports freelancers and sole traders, which makes it suited for any business size.

How to Open an Account with Soldo?

  1. Visit Soldo – Visit and click the “Get Started” button at the top of the page
  2. Select your Plan – Choose your plan and input your professional email address
  3. Need a Custom Plan? If you decide to opt for the enterprise plan (custom pricing), you’ll need to book a demo with Soldo’s team
  4. Try it out for Free – Once registered, you can try out Soldo for 30 days.

Soldo’s Fees & Charges

Like many competitors, Soldo’s fees and charges are articulated around 3 plans, each bringing additional features and perks. Their main fees and services are structured as follows:

Service & FeeProPremiumEnterprise
Monthly Fee£6 per user£10 per userCustom
Virtual & Plastic Cards
Receipt Capture
Accounting Software Integration
Custom Teams and Groups
Out of Pocket Expenses
Dedicated Account Manager
Custom Training
Dedicated API Support
Additional Card£5 per month£5 per monthVariable
Recurring Payments£1 per card (3 free)£1 per card (5 free)Variable
Temp. Virtual Card Issuing£0.50 (5 free p/m)£0.50 (10 free p/m)Variable
Fuel Card£2 p/m£2 p/mVariable
Company Wallet£3 p/m (1 free)Variable

The whole pricing detail is available on Soldo’s pricing page.

Is Soldo Safe to Use?

  1. Certified Platform – Soldo is certified with the Payment Card Industry Data Security Standard, which regulates banks and card providers to ensure your funds and data’s safety.
  2. Data Protection and Fraud Prevention – Soldo has built controls across the platform to ensure your personal data remains safe, secure, and compliant with GDPR. They are also committed to educating customers on the types of scams and how to spot them, considering it their responsibility to prevent financial fraud.
  3. Segregation of Funds – The funds you deposit to Soldo do not enter their account. They are sent to a segregated account, which means Soldo doesn’t have direct access to your funds, which are handled by a fully regulated entity.
  4. Powered by MasterCard – When using your Soldo cards, you’ll be protected by MasterCard’s zero liability policy.
  5. Advanced Security Features
    • Strong Customer Authentication – SCA provides multi-layer authentication, reinforcing payment safety.
    • 3D Secure – This adds an extra layer of security for online transactions. A push notification is sent to approve the transaction directly in-app when required.
    • Expenditure Filter and Lock  This feature helps prevent unauthorised spending.
    • Virtual Cards – For additional safety while shopping, you can use a virtual debit card, keeping your main card details private and your bank balance safe.

So, is it safe? Soldo implements a variety of security measures to ensure your business funds are safe.

Is Soldo Good for International Payments?

Powered by MasterCard, Soldo is a practical and safe option for handling international payments.

Plus, with the Premium plan, you can set your company wallets in GBP, USD or EUR, which is enough for most businesses trading internationally or having foreign suppliers.

However, be aware Soldo will charge you a 1% foreign exchange fee for any transaction in a currency in which the card was not issued.

Overall, I would say Soldo is a great option for frequent international use.

Does Soldo Give Credit Cards?

Soldo’s prepaid cards are actually credit cards, which provide a fully integrated solution and a safe one: Soldo’s cards come with no interest, which means no bad surprises.

As the borrowed amount is set, there is no way to overspend. This adds a nice bit of control over your expenses.

What’s the Soldo App Like?

Soldo’s app doing a great job focusing on user-friendliness. It combines simplicity, functionality, and convenience in one unified platform, offering many features for managing your cards and monitoring employees’ expenses. With just a few taps on your smartphone, you can seamlessly access a full range of admin tools such as card balances, user management or account overview.

The web and mobile alike sport a sleek design that gives you quick access to the most essential features. The layout of the main screen presents a holistic view of all your cards, their respective balances, and recent transactions, enabling you to have an instant understanding of the current state of your expenses.

Soldo App

Managing users is also easy with Soldo’s app. Whether you want to add a new employee, set spending limits, or manage permissions, the app provides you with all the necessary tools. The intuitive user management feature allows you to handle your entire team directly from the app.

You can easily adjust settings, monitor individual spending patterns, and instantly freeze or unfreeze cards if necessary. The sheer convenience of carrying out these actions from the palm of your hand cannot be overstated.

The app’s dashboards and reports are clear and concise, offering the right blend of detail and simplicity to help you stay on top of your company’s expenses. It achieves the tricky balance of providing all the necessary data without cluttering the screen with excessive details.

However, it should be noted that the Soldo web app might require a slight learning curve. It is more complex than the mobile app, presenting more features and customisation options. While this complexity allows for more granular control over your company’s financial management, it necessitates familiarisation with the web interface.

Soldo Web App

But rest assured, once past this initial phase, the capabilities of the web app could prove invaluable to your business, and I’m convinced this will save you precious time in the end.

Some might find the mobile app somewhat simplistic. While it does provide all the core features of Soldo, it purposely doesn’t display every single tool available in the web app. The mobile app is designed to cater to on-the-go needs, prioritising ease of use and quick accessibility of the most used features.

However, this simplicity does not hamper its efficiency, and the app still remains a powerful tool for managing your company’s finances.

Soldo Customer Reviews

Soldo Trust Pilot

75% of Trust Pilot reviewers award Soldo 5 stars, with 12% giving a one-star rating. Positive reviews speak of a “simplicity“, “great customer support” and “ease of use“.

Some of the one-star reviewers mention some issues with accessing their money.

What are the Alternatives to Soldo?

Monthly Cost (Standard Account)£6 per user£0£0£199
Monthly Cost per Card£5£6£5£9
Expense Cards
Expense Management
Invoice Management
Web App
Accounting Software Integration
Fee-Free Spending Abroad
Fee-Free ATM Withdrawal Abroad✅*
*denotes certain limits or monthly allowance after which charges apply

Soldo FAQs

What is Soldo?

Soldo is a multi-user expense account platform that offers businesses a simple way to manage their spending. It features prepaid company cards and an app for managing expenses in real time. Soldo also comes with comprehensive expense management software that allows businesses to track and control their company spending more effectively.

Is Soldo Safe?

Yes, Soldo is safe to use. Its security measures ensure the protection of user data and financial transactions. These include encryption technology, secure servers, and 2-factor authentication, among others. Moreover, Soldo is regulated by the Financial Conduct Authority in the UK, ensuring that they adhere to stringent financial regulations.

Can Soldo be Integrated with Other Software?

Absolutely, Soldo can be integrated with several other software platforms to streamline your financial processes. These include various accounting software like Xero, Quickbooks, and Sage, among others. Integration with these software platforms allows seamless data transfer, thus making expense management and reconciliation easier.

Is Soldo Suitable for Small Businesses?

Yes, Soldo is suitable for businesses of all sizes, including small businesses and sole traders. The platform’s scalable features can be customised according to a business’s specific needs. Whether managing employee expenses, setting up spending limits, or integrating with existing accounting software, Soldo can adapt to the unique demands of small businesses. Its user-friendly interface also makes it easy for small businesses to navigate and understand, reducing the need for extensive training.