Online bank Revolut has launched a new payroll management service in the United Kingdom, the company announced.
Called Payroll, the service will let customers manage payroll out of their business banking accounts.
“We’ll calculate taxes, (National Insurance) and pension contributions for you. All you need to do is set up automatic salary payments and tell us when you’d like them paid,” the company wrote in a blog post.
The company said that advantages of the service include the ability to use work easily with invoices, conduct transactions smoothly across borders and issue smart debit cards to employees.
London-based Revolut was founded in 2015 and held a $15 million funding round in 2016. In 2017, it conducted a $66 million funding round. Revolut began operating in the United States in 2020 and held a Series E funding round that produced $800 million.
Revolut said it currently has 18 million personal users, 500,000 business users, and the capacity for more than 30 currencies in its app.
Revolut is also growing its operation in the crypto space and is hiring engineers for that effort.
Read more: Neobank Weekly: Help Wanted at Revolut
Last month, PYMNTS reported that Revolut was launching free money transfers from the U.S. to Mexico.
See also: Revolut to Offer US Consumers Free Remittances to Mexico
The digital bank said the transfer would be completed in up to 30 minutes.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More