Its new matchmaking platform Moneysmart, available from mid-February, has been developed with the backing of a £167,000 grant from Innovate UK as part of the Government’s sustainable post-Covid recovery plan. Focusing on financial health Moneysmart offers products and services from a group of partners to individuals as well as smaller firms. The direct-to-consumer side is based on lifestyle, money attitudes and current situation. “It’s designed for them to get more for their money so they can spend, save and feel better,” says PayDashboard chief exec Mike Binns. “It’s simple, charges are fair and data only used to help customers meet their needs.”
For businesses there are automated services, for example monitoring risk and managing expenses. “It’s available to anyone and any business or technology provider who wants to add a financial wellness solution to their ecosystem. Covid has compounded the challenges people are facing,” Binns explains.
With Moneysmart opening up a new channel for Paydashboard’s growing cohort of 400,000 employees in 15,000 businesses, the London-based company is expecting a £900,000 turnover this year.
It launched in 2016, going through payroll accountants and providing services for smaller firms that prior had only been available to better-resourced counterparts with 250 plus staff.
Then the bog-standard payslip was a static statement of earnings and, if thought about at all, regarded as an unlikely candidate for reinvention, offering nothing beyond its role as a legal requirement.
But PayDashboard saw that with its easily integrated technology the enormous potential of the payroll space to increase employees’ financial knowhow.
Clients using its service now include outsourced payroll providers and accountants such as Mazars and BDO as well as individual firms, among them Norwich City Football Club.
Ease of use and access have been cornerstones of PayDashboard’s approach with the company developing four ways to interface with different payroll software.
“Our solution is cost effective, saves time on payroll processing and allows organisations to future proof their payroll. We can adapt very quickly to circumstances and new regulations,” says Binns, a digital trading expert.
“Everyone deserves a good payday experience regardless of their employer’s size and employees expect digital-first services now.
“Accounting firms see the value payroll can play in client acquisition and retention. Security and data protection are obliging businesses to consider payslip alternatives.
“As a result of our tax code warning some users have received £3,000 and more in rebates. Our guide to the marriage allowance was read 24,000 times.”
Responding to the pandemic the company built a Covid dashboard in three weeks to help clients with furloughing, sick pay and redundancies. User numbers grew 20 per cent.
If Moneysmart fulfils expectations Paydashboard’s 19 headcount is likely to increase and the company is eyeing a first external funding round this year. “We take a best-in-breed approach,” says Binns. “This is money beyond payday.”