Soldo brings together banking, admin and accounting features that allow you to manage your employees’ expenses – helping to give your company greater control of its spending cycle.
Our review looks at Soldo’s features, fees, pros and cons to help you decide whether it would make your business’s (and your own) life easier.
Soldo business cards now operational
Soldo business cards are now operational, according to an announcement from the company on Twitter. This follows a brief period where the cards were temporarily offline due to the suspension of Soldo’s payments provider Wirecard by the FCA. Soldo received no notification prior to the suspension, which affected over 70 other fintech providers.
Soldo will reach out to customers will more information shortly.
Let’s start with what Soldo is not: Soldo isn’t a bank nor does it offer a full bank account. It calls itself a “spend control and management platform” and its range of products include:
A spending account. The account is in the name of the company and it can be used to allocate money to various employees, who will use it for their expenses. If an employee’s expenses follow somewhat of a regular pattern, you can also set up auto top-ups so that you don’t have to remember to put money on their card every month.
Prepaid Mastercard cards. You’ll give them directly to your employees. You could get as many as you need and – since they’re prepaid cards, not debit or credit cards – you’ll only have to put as much money as the employee is expected to spend. You can also get virtual cards for online shopping. Soldo’s cards can be used in three different currencies: euro, sterling or dollar.
A mobile app. It comes with a series of features to help you track your spending, such as reports and real-time notifications. Both you and your employees can get the app.
Soldo was founded in 2015 and is currently available in Ireland, the UK and in the rest of the European Economic Area. The company is headquartered in London and has an office in Dublin.
How does Soldo work?
Once you’ve signed up, you need to top-up your Soldo account via bank transfer from your company’s main account. You can then start organising your expenses.
From the mobile app you can: create multiple users among your employees, provide each of them with a prepaid card and start allocating money.
Your employees will be able to add the picture of the receipt to a transaction and to tag it according to a set of categories you pick.
You’ll get a notification when something happens and also a variety of spending reports, which can be exported into spreadsheets and uploaded to your accounting software.
Compare all Soldo for business products in Ireland
Soldo currently offers a couple of different pricing plans:
Soldo Pro. It costs €5 per month per card (excluding VAT), includes foreign currency cards, receipt capture and auto top-ups; but not all reporting and spending control features.
A Premium plan. For €9 per month per card (excluding VAT), you can get the full package which includes: advanced reporting, non-nominative cards and custom configuration of company roles.
You can also expect fees including:
One-off fees for each new card. € 5.00 for a physical card that will be shipped to you, €1 for a virtual one you can start using immediately.
ATM withdrawal fees. €1 each time one of your employees withdraws cash in Ireland, if they’re abroad.
Currency exchange fees. You’ll pay a fixed currency exchange fee of 1% for using the card in another currency than the one linked to your card.
Bank transfer fees (not in Ireland). Soldo will charge you for money transfers abroad, which includes a €16 charge for non-Single Euro Payments Area (SEPA) transfers.
It’s important that you read Soldo’s full list of fees and limits on its website so that you understand all the charges you can expect to face with this account.
Essentially, the typical way of using Soldo would be to move money from your main account and then allocate it to your employees, who can then use it to make purchases with the card. If you use it that way, you aren’t charged any extra fees.
Is Soldo suitable for my business?
Soldo offers a somewhat unique service by putting together banking and expense management, which isn’t that common among its competitors. It considers itself “ideal for small businesses” – if you’re running a big one, you’ll probably do your expense management differently rather than giving each employee who needs it a prepaid card.
Soldo offers a 30% discount to not-for-profit businesses, which sometimes have a hard time managing their expenses smartly due to the high number of people involved in the running of operations.
Soldo can become a bit pricey if much of your business’s expenses happen abroad – its 1% foreign currency transaction fee is more competitive than most traditional banks’, but some digital-only competitors offer a full business account with fee-free spending abroad in more currencies. Revolut for Business, for example, comes in multiple different currencies.
Is Soldo safe?
Soldo isn’t a bank, but it is regulated by the Financial Conduct Authority (FCA) and the Central Bank of Ireland. In 2019, the company was awarded an E-Money licence from the Central Bank.
Customers’ money is kept in segregated accounts, which means that if something happens to Soldo, that money can’t be used to pay its creditors.
Finally, if any of the prepaid cards are lost or stolen, you can block them instantly from the app.
Pros and cons of Soldo
It brings together banking and expense management
Multiple users and cards to meet your needs
Useful tracking features to help you stay on top of your expenses
Data can be exported into your accounting software
Virtual cards for hyper-safe online shopping
It comes with both an app and a web interface
ATM withdrawal and foreign currency transaction fees on top of the monthly one
You still need a regular business bank account for most of your financial needs
Still safe, but not FSCS-protected
Soldo isn’t meant to be a bank, so you really shouldn’t use it to manage your day-to-day business banking – it would be unpractical.
However, it’s a tailored and smart solution for expense management, and if you need that, it’s probably a good investment. If you have a set of employees you often have to give your business debit card to, Soldo can save you a lot of trouble. Many business accounts are only conceived with a single user in mind, so Soldo’s different approach may be what you’re looking for. The prepaid cards can be personalised with the employee’s name, so everything will be crystal clear and well-organised.
On the other hand, Soldo won’t be necessary if you’re the one doing most of the spending – a regular business account will probably do just fine.
Compare Soldo Business with other digital banks for businesses in Ireland
Via bank transfer. To begin with, you can transfer money from your company’s main account to Soldo.
No, it doesn’t, and you can’t go into overdraft. Always keep in mind that Soldo is not a bank.
No, you don’t.
Yes, it’s highly likely. Soldo integrates with all major accounting systems. The app has the world’s most complete application programming interface, or API, connection to Xero, which is a provider of accounting software primarily for businesses.
If you find you’re not happy with Soldo, you can withdraw your money at any time. To do so, just contact firstname.lastname@example.org with the amount that you’d like to transfer out of your account and which bank account you want to transfer the money to. As this process has to be done manually, it may take several days to complete.
James Martin is a senior writer at Finder. He has written on a range of finance and business topics for over five years and his work has been featured in publications including The Irish Times, Companies 100, In Business and Q Magazine (UK). As a trained journalist, James can drill into the finer details of financial products to help you save time and money. In his spare time, James is a committed sports fan, novel reader and Thai food enthusiast.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.