“Can a vertically integrated spend management platform — owning both the software and the e-money licenses — beat the BaaS-reliant competition in Europe?”
Soldo launched in 2015 as a consumer multi-user spending account, then pivoted to a business-focused prepaid card + spend management platform. Uniquely for the sector, Soldo operates its own regulated e-money institutions in both the UK (FCA) and Ireland (CBI), positioning 'Soldo Financial Services' as full-stack embedded finance rather than relying on third-party BaaS providers like Modulr or Railsr. Recent product expansion into bank transfers reflects the broader spend management category's move beyond cards into AP/bill pay.
Soldo discloses Soldo Financial Services Ltd (in-house) and Soldo Financial Services Ireland DAC (in-house) as its banking providers, according to the Embedded Finance Index 2026.
Soldo does not disclose a bank charter of its own; its banking services are provided through Soldo Financial Services Ltd (in-house) and Soldo Financial Services Ireland DAC (in-house).
Soldo processes payments through Soldo Financial Services (in-house).
Soldo's cards are issued through Soldo Financial Services Ltd (in-house) and Soldo Financial Services Ireland DAC (in-house) on the Mastercard network.
Soldo uses Onfido for KYC and identity verification.
Soldo's lending and capital products are provided by TRIVER.
Soldo connects to bank accounts through Yapily and Token.io.
Soldo integrates with Xero, Sage Accounting, QuickBooks, SAP Concur and NetSuite.
The Embedded Finance Index 2026 maps 9 layers in Soldo's stack: Payments / PSP (Soldo Financial Services (in-house)); Banking / BaaS (Soldo Financial Services Ltd (in-house) and Soldo Financial Services Ireland DAC (in-house)); Card issuing (Soldo Financial Services Ltd (in-house) and Soldo Financial Services Ireland DAC (in-house)); Card network (Mastercard); Lending (TRIVER); Open banking (Yapily and Token.io); KYC (Onfido); Accounting (Xero, Sage Accounting, QuickBooks, SAP Concur and 1 other); Spend / AP (Soldo (self) and soldo).
Soldo was founded by Carlo Gualandri and is founded in 2015, headquartered in London, UK.
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