Soldo, the London-based fintech offering payment and spend management services to businesses, has today announced it has been awarded an Electronic Money Institution licence from Ireland’s Central Bank, ensuring that it is Brexit ready for all its 50,000 business users across Europe and the UK.
The E-Money licence enables Soldo to operate its services smoothly during a time of unprecedented turbulence in the business and political sphere and demonstrates the company’s commitment to providing uninterrupted enterprise level financial technology services for businesses of all sizes. With the licence the company will be able to issue payments in Ireland across the European Union under passporting rights.
Soldo is the third company ever to be granted an E-Money licence from Ireland’s Central Bank following in the footsteps of Facebook which received its licence in 2016. The complex legislation and high standards demanded by the Central Bank of Ireland ensure that only well run businesses with high standards apply for an E-Money licence in Ireland.
In a move that makes Soldo Brexit-ready whatever the outcome of ongoing talks, the company will migrate over half of its business, which comes from the EU, from its UK regulated E-Money Institution to Ireland.
“Soldo has achieved an incredible feat in being awarded an E-Money licence in Ireland. It is testament to the core strength of our company, that offers enterprise grade services built on solid foundations. We’ve been working on the application for 18 months so that whatever route the UK chooses to take in its relationship with the EU, both we as a business and our customers from the EU are protected.” Said Carlo Gualandri, Co Founder & CEO of Soldo.
“It’s crazy to think we’ve been forced to work for a year and a half on a hugely complex project, mostly duplicating something that we had already, to prepare our business for something that may or may not happen. However I am delighted with the outcome as it means we can continue operating a best in class service for all our businesses without interruption, and we will be migrating a large portion of our business operations to Ireland with immediate effect.”
Soldo was created by entrepreneurs and banking experts united by the search for a simple and effective way to manage the flow of money inside organisations of any size. It has raised over €28 Million since its launch in 2016 from Accel, InReach Ventures and Connect Ventures.