Soldo, a British financial technology startup established by technology entrepreneur Carlo Gualandri, has introduced a multi-user spending account in the UK and Italy.

The account has been designed to allow users control the flow of funds, and set budgets, though with different rules for different users.

Holder of the account can define a network of spenders, who will gain access to the wallet app and a Mastercard debit card and can spend the account's money, but as per the budget set by the holder.

The firm will initially target families and eventually plans to launch for businesses as well.

"Soldo is not looking to disrupt the universal banking system, nor is it looking to compete for traditional banks’ customers. We have identified a problem that is common to many families and businesses and created a simple solution that will work alongside customers’ current banking systems," Gualandri said.

The startup has its own cloud-based technology, is regulated by the Financial Conduct Authority and has an electronic money licence.