Image: Revolut
Payroll aims to make it easier for Revolut Business customers to pay their employees in ‘clicks, not hours’.
Revolut has launched a payroll processing feature for customers using its business service in the UK.
Employers with a Revolut Business account in the UK will now be able to integrate its new Payroll product with other company finance-related services. Revolut hopes this will help SMEs with limited resources to speed up and simplify paying their employees.
Managing payroll, especially for smaller teams, can be a tedious and time-consuming task that often requires multiple software tools and manual inputs. Revolut said that its payroll process can be “done in clicks, not hours”.
Revolut, a neobank based in the UK, launched its business accounts to customers in the UK and Europe in 2017 and has since grown to a 500,000-strong customer base worldwide.
Head of Revolut Business James Gibson said Payroll can help businesses struggling with “juggling multiple software and moving data between them” in an activity that can take up to three days each month and “often leaves greater room for error”.
In a blog post explaining the new service, Richard Johnson of Revolut wrote that the “intuitive app” can help employers with salary calculations, taxes, pension contributions and pay runs, along with the ability to calculate customised payments.
Payroll on Revolut Business. Image: Revolut
Revolut said it also syncs its payroll service with the UK’s revenue service to automatically update employee details with any changes to tax codes or student loans.
Available only in the UK for now, Revolut Payroll will cost businesses £3 for each active employee per month.
The digital bank has been stepping up its competition against legacy banks across in Europe, including in Ireland – where it has opened a waiting list for customers looking for personal loans. This marks its first step in launching Revolut Bank services in the country since it was given a full banking license by the European Central Bank in December.
It also faces competition from other neobanks operating in Europe, such as N26 and Monzo. Last month, Chinese tech giant Tencent acquired a minority stake in UK start-up Monzo, a month after it raised $500m in fresh funding to hit a valuation of $4.5bn.
In July last year, Revolut hit a $33bn valuation following an $800m funding round from SoftBank and Tiger Global – a dramatic increase from its previous valuation of $5.5bn.
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