Did you know as an influencer or a creative, owning your own limited company can increase your income? GoSolo can help you track your monthly and annual revenue on mobile.Join today
Say goodbye to stacks of paper receipts, and welcome to the digital life. GoSolo helps you to organise your payments on your device easily.Sign up
Give your brand a professional boost, using GoSolo’s invoicing tools and gain access to well crafted invoices, that brands and customers are sure to thank you for.Try it now
Enjoy flexibility with GoSolo. Spend less time with your everyday admin tasks, by using our free invoicing software. You can send and chase invoices, tracks pending, save for tax + more
For current and most up-to-date details about the costs, please refer to our pricing page.
If by “bank” you mean an institution that has a physical location and lots of cash stored in vaults then, no, we’re not that.
If you mean an institution that protects your funds and is as strictly regulated as all those physical institutions that have vaults of gold then, yes, we are that.
The lines and definitions of what is a bank and what isn’t have blurred since the advent of FinTech. Banks are no longer the only type of institutions that can handle your money for you.
Let us explain:
So what is GoSolo?
GoSolo is an institution that handles electronic money. So is Mastercard. So is PayPal. So is Stripe.
We have been approved by the rigorous and stringent rules set by the FCA (the Financial Conduct Authority) to be allowed to operate as a legal, responsible and ethical financial services firm. These are the same rules that banks must operate by.
Only by continually adhering to the FCA’s rules (and regularly reporting what we do) can we be allowed to continue to operate.
Our authorisation from the FCA as an electronic money agent allows us to facilitate business transactions and deliver certain financial services.
We are not allowed, however, to provide loans or FSCS deposit-guarantees. And we don’t handle physical money, whether that be cash or cheques. Unlike many traditional banks, we don’t offer phone assistance. (Although, let’s be honest, often that type of “assistance” leaves much to be desired!) But we do have a support team that can assist you by chat, WhatsApp or email.
Rest assured, however, that your money is 100% protected, secured and safeguarded in a “ring fenced” account with a tier-one UK bank that we have partnered with. Ring-fenced means that we don't have access to it and cannot move or use it somewhere, you are always in total control.
To be absolutely clear: Your money is safe with us.
Additionally, all transactions you run on your card are handled by the Mastercard network and are entirely protected under the Mastercard rules.
The benefits of not being a “traditional bank”.
Because we are not technically a traditional bank, we are free to invest in and to build technology faster and provide services that will assist users in the general area of their businesses and finances. Not being held down by the label of a traditional bank means we can be more innovative and listen to users’ needs more easily.
Our focus is on businesses and helping businesses to function with as little hassle as possible.
For that reason, we offer more than just a place for your company to hold its electronic money: We also register your company for you, give you simple invoice templates to send to your clients, automatically log payments for those invoices and even chase up slow payers, all within GoSolo!
Instead of having to invest in a basic accounting package and an online bank, we combine the two, in addition to taking the pain out of registering your Limited Company in the first place.
Traditional banks tend to focus on where to invest deposited funds. Our primary focus is on how to deliver fast service and innovation to our users.
Because we are small (by design), we are also more able to consider the requests of all our users, as opposed to only what “the majority” wants.
Legally, there are some differences between your GoSolo business account and a traditional business bank account.
But we have found that those differences don’t matter to users. People want a seamless, easy way to handle their money, not complicated forms and the slow-moving wheels of finance which can often be more of a hindrance than a solution in today’s fast-paced world.
GoSolo Financial Limited is regulated by the FCA and powered by Railsbank.
If something bad happens to GoSolo, you can always recover your money through FCA.
Your e-money is in a “safeguarded” account, meaning that the actual money is with a Tier-1 (largest and most secure category) bank in the UK.
GoSolo Financial Limited is listed with the Financial Conduct Authority (“FCA”) an as E-Money Directive (“EMD”) Agent (FCA Ref No. 902961 under E-Money Institution (“EMI”), PayrNet Limited (“PayrNet”). PayrNet is authorised and regulated by the Financial Conduct Authority to conduct electronic money and payment services activities under the Electronic Money Regulation 2011 (FCA Ref No. 900594).
Sole traders have unlimited liability - meaning that they are personally liable when things go wrong. A sole trader may also be less tax-profitable than setting up a limited company. But still a sole trader is the most common legal structure for private entrepreneurs in the UK.
We recommend you read more about different factors that can help you to make a choice on our blog The Pros and Cons of Freelancer vs Limited Company
With GoSolo you can open a business account online as well as register an LTD company. Actually, you get everything you need to start your business and even more. We have web, iOS and Android mobile apps to manage your business account. As an additional free service we provide multi-company access, you can send invoices and get paid directly in the GoSolo app, EFT payments, GoSolo partner offers and other useful services.
Yes. You don't need to figure out what information to include and how the invoice looks. In GoSolo you can issue and email invoices within a simple, guided 3-step process.
To open a business account in GoSolo you need 10-15 minutes to pass onboarding and if all is OK you will get a business account the same or the next day. Once your business bank account is open, your card will be dispatched to your selected address. It may take up to 10 working days to arrive.
We have partnered with more than 50 accountancy firms. Please contact us via our chat or support and we may be able to recommend you one of them.
In GoSolo we made the business account opening process as simple as filling a regular form on the web, or even simpler.
If you live in the United Kingdom you need a valid government-issued photo-ID document (Passport, Driving License, BRP), and proof of your UK address (council tax, utility bill, bank statement).
If you live outside of the United Kingdom you need two valid government-issued photo-ID documents (Passport, Driving License, or similar), and proof of your local address (we prefer a personal bank statement), Issued in ENGLISH, with your name matching the name on the ID and the document issued in the last 3 months.