Payroll for Revolut Business customers will make it easier for small businesses to pay their employees in “clicks, not hours”.
Revolut has launched a new payroll processing feature for customers using its UK business service.
Employers with a Revolut Business account in the UK will now be able to integrate payroll with other business finance related services. Revolut hopes this will help SMEs with limited resources to speed up and simplify the payment of their employees.
Managing payroll, especially for small teams, can be a cumbersome and tedious task that often requires the help of multiple software tools and manual entries. Revolut said its payroll service can cut this process down to “clicks, not hours”.
Revolut, a UK-based neobank, launched its business accounts to customers in the UK and Europe in 2017 and has since grown to include a customer base of 500,000 people. The service helps companies manage their finances in a “one-stop-shop” software platform.
Revolut Business head James Gibson thinks the new payroll feature can help companies struggling to “juggle multiple pieces of software and move data between them” in an activity that can take up to three days a week. months and “often leaves more room for error”.
In a blog post Explaining the payroll service, Richard Johnson of Revolut wrote that the “intuitive” app can help employers with salary, tax, pension and payroll calculations, as well as the ability to calculate personalized payments so that ” you can close these spreadsheets”.
Payroll on Revolut Business. Image: Revolution
Revolut said it also syncs its payroll service with the UK’s revenue service, HMRC, to automatically update employee details with any changes to tax codes or student loans.
Available only in the UK at the moment, Revolut’s payroll service will cost businesses £3 for each active employee per month.
The first digital bank has stepped up its competition against traditional banks in Europe, including Ireland – where it has opened a waiting list for customers seeking personal loans, marking its first step in launching Revolut’s services Bank in the country since its inception. received a full banking license from 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 British start-up Monzo, a month after raising $500 million in new funding to reach a valuation of $4.5 billion.
In July last year, Revolut reached a valuation of $33 billion following an $800 million funding round from Softbank and Tiger Global – a dramatic increase from its previous valuation of 5, $5 billion.
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