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.

1. Fintech Start-up Soldo launches first of its kind multi
user spending account
Analyst View Point Series

2. Table of Contents
Market Context
Key Insights
Market Opportunity

3. Market Context
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.

4. Market Opportunity
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.

5. Key Insights
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.

6. To Know More
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United Kingdom market, click here.