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Soldo aims 500% growth with B2B Expense Solutions #6

We believe in the power of intiatives that bring solutions to deep & wide problems. This week we are visiting Soldo – which provides prepaid company cards and automated expenses for businesses.

In this interview, we will be discussing their growth strategies, their core values to the customers, the iterations they made in order to stay strong against the competition, their funding history and many other aspects of their business. 

soldo founder interview Carlo Gualandri

We had an inspring interview with Carlo Gualandri. His role in the company is being the founder and the CEO. But in reality, he mentions himself as “Mr. Wolf” who solves problems of any kind. Let’s take an inside look and hear about their success journey.

The Success Journey

Soldo is mainly aiming to build the next infrastructure for business expenses processes handling both the banking and the customer support level in all the processes for moving money around.

Soldo offers a unique service by putting together banking and expense management, which is differentiated than its competitors. The multi-user setup features bespoke budgets and rules for each pre-paid card, empowering staff to spend across multiple channels with automation, visibility and insight.

Growth history

External growth (users, revenue…) is closely correlated with growth inside the organisation. 

Carlo says there are two ways to address a problem. First one is meeting the minimum needs for the business and then getting the validation. Aka the lean approach. The second one is starting from the hard side of it where you do all at once. They went with the latter strategy.

soldo startups facts

Soldo’s business strategy was a quite different one where they built up the company from bottom up. What Soldo did was creating the foundation – the bank – early on and going forward with the early hiring of 15+ engineers.  First goal was building the bank. Then moving on to launching the software tool on the top of the bank. This structured approach led them to manage to get the product market or product-segment fit. Today they are running the business with 100+ employees.

There is a quite interesting growth story Carlo is telling. Watch the video to hear the whole interview.

Video of the founder interview

Listen to the podcast (uncut interview)

History of funding

In order to make money, you need to spend money. 

When you are starting a business, you need to analyse the minimum needs to do so. Carlo understood what market needs and came up with the brilliant idea of Soldo. Eventually, they got funded for $4M in their seed funding round early on. It was a quite sizable amount and helped them to start off strong as an organisation.

Problems & iterations

problem solving

“You don’t call something a problem until you know there is a solution for it. If you don’t think there is a solution you don’t call something a problem, you call it a fact of life and you just go on with it.”

According to Carlo, it was sort of a combination of believing something should exist. Not because anyone was asking but because you knew that there was an underlying problem. And the main goal was to make it clear to the customer what was the occurring problem and the solution to it.

Soldo was aware of the fact that they were not inventing something that’s never been done before. But still, after analysing the market broadly it was not that difficult to find the problem within the financial service system and which steps they should follow to provide a solution for the enterprises.

Agile or Lean?

When you are managing your customer’s money flow, there is a duty to making sure you are doing it right. At the same time, the challenge is to have a very distributed, very agile organization. If you are running a business in this market  – where your company consists of a bank and a complex tech solution to manage your money in it – the very lean, experimentation heavy approach would not work. This is the type of business that needs strong early investment and commitment.


Soldo competes in a huge industry of Financial services and their main goal is to do a broad rethinking of the industry and bring a better solution for moving money around.

What challenges this type of business is that they both have to be a bank that is regulated. Furthermore, they need to be full stack technology enterprise  for all the processes and systems as well.  The only way to achieve that was to build their own infrastructure within the first year of the business and moving forward.

soldo office view

The Rituals of the Business

If you want to scale your business, you have to have a formal structure to avoid inventing the world every day. Because you want your energy to be focused on solving the problem that is new, not the exact same ones.

To eliminate the extra work when they confront a problem they dealt with before, Soldo follows these steps:

  1. Think about the problem and what they should do about it
  2. Document the steps they have taken
  3. Create a manual & organisational memory 
  4. Constantly keep up to date.
In order to create a powerful strategy for your business, first thing you have to do is define your true north and move forward accordingly.

Future goals & milestones

Soldo is a learning organisation and is built and runnning with the power of knowlegde. As Carlo mentions, to be able to grow your business, you should keep learning every day. 

Besides continuing to providing solutions within the financal services area, Soldo’s main goal is to express their potential of all the components of the business to better themselves each day. 

Today with the team size of 130 emloyees, they are aiming to grow the team and reach to double size within 6 to 9 months.

Up next...

We are thrilled to discover new businesses and meet wonderful people each week! To stay in the loop and understand the London Startups Ecosystem, don’t forget to subscribe to our social media channels linked below. Stay tuned!


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