FinTech: ‘Payday’ From Revolut Offers Advances Against Earned Wages In The UK

August 19, 2021 | FinTech, News
https://dailyalts.com/wp-content/uploads/2021/08/EU-Press-kits1.png

Workers get instant access to wages earned but not yet paid by the employer.

The new Payday product from Revolut allows employees to access upto half their earned wages on payment of a small fee starting at £1.50, thus avoiding access to expensive credit cards or usurious payday lenders. (YourMoney.com)

Payday from Revolut

Workers can see on the app how much they’ve earned throughout the month or after every shift in real-time. Using this feature they can tackle unplanned expenses such as a device or car breakdown by withdrawing earned wages a click on the app.

Workers can activate the product by letting their employer know they want the earned wage access facility. Employers’ wage systems can easily integrate with Revolut’s Payday, free of cost.

Financial well-being

Furthermore, Payday will not impact employee credit scores, because it is not a credit or loan system.

Nik Storonsky, CEO and founder of Revolut, said: “We believe in the importance of making financial wellbeing accessible to all, and this includes focusing on the impact of financial stability on employees’ mental health. After the difficulties of the past year, the last thing employees need now is financial uncertainty and stress.”

“It is important to move away from a situation where many are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle.”

Currently, Payday is available only in the UK, but Revolut may later extend it to Europe and the US.

Revolut valued at $33 billion

Revolut last month became the UK’s most valuable tech startup of all time when it raised $800 million in a funding round led by SoftBank’s Vision Fund 2 and Tiger Global Management.

The funding came in at a valuation of $33 billion, about six times Revolut’s valuation in a previous round in 2020, and nearly the same as that of NatWest Group (LON: NWG), one of the UK’s four biggest banks.

Revolut announced last month Stays, a travel booking facility in its app.

Related Story:    Eyeing A ‘Global Super App,’ Revolut Launches Travel Booking Feature

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/09/bitcoin-6489755_640.jpg
Digital Assets: Bitcoin Miner Genesis Digital Lands $431M To Expand Operations
September 22, 2021     Digital Assets, News, Venture Capital

Genesis Digital Assets, which runs 2.4% of the bitcoin mining network, has announced a $431 million raise led by Paradigm. Claimed to be the largest ever achieved by a bitcoin…

https://dailyalts.com/wp-content/uploads/2021/09/244002325_a409dcf889_c.jpg
Artificial Intelligence: AI To Help Survey For Endangered Bats Under Bridges
September 22, 2021     Artificial Intelligence, News

Hundreds of thousands of bats from about 40 species routinely nest under US bridges, and many of them are endangered or threatened. Transportation departments must mandatorily check for them before…

https://dailyalts.com/wp-content/uploads/2021/09/Organism-1.0-_-Media.png
Artificial Intelligence: AI Cameras In Amazon Delivery Vehicles Unfairly Penalize Drivers
September 21, 2021     Artificial Intelligence, News

Amazon (NASDAQ: AMZN) installed AI-powered cameras in its delivery fleet in February as an investment in safety technology across its operations. The company said at the time the system would…

https://dailyalts.com/wp-content/uploads/2021/09/cakes-652063_640.jpg
FinTech: Assets, A New Product From Wise, Lets You Spend From Your Stocks Portfolio
September 21, 2021     FinTech, News

Wise (LON: WISE), the UK payments fintech previously known as TransferWise, has taken its first steps into investing solutions. Its Assets product allows users to invest in stocks but also…