Revolut launches payroll service for UK businessesVish Gainon February 17, 2022 at 11:12 Silicon RepublicSilicon Republic

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Revolut has launched a new 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 payroll 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 help from multiple software tools and manual inputs. Revolut said that its payroll service can reduce this process to 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 include a 500,000-strong customer base. The service helps businesses manage their finances in a ‘one-stop-shop’ software platform.

Head of Revolut Business James Gibson thinks that the new payroll feature 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 payroll service, Richard Johnson of Revolut wrote that the ‘intuitive’ app can help employers with salary calculations, taxes, pensions and pay runs, along with the ability to calculate customised payments so that “you can close those spreadsheets”.

Payroll on Revolut Business. Image: Revolut

Revolut said it also syncs its payroll service with the UK’s revenue service, the HMRC, to automatically update employee details with any changes to tax codes or student loans.

Available only in the UK for now, Revolut’s payroll service will cost businesses £3 for each active employee per month.

The digital-first 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, marking 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 at $5.5bn.

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