29. PayCaptain

Company: PayCaptain

Founder(s): Simon Bocca

Website: https://www.paycaptain.com/

Description: PayCaptain is a new payroll and banking platform.




PayCaptain are on a mission to change the mechanical and mundane payroll process into a helpful, flexible ‘getting paid’ experience, with the goal to boost the financial wellbeing of users.

Getting paid is such an important part of life, but payroll companies have always focussed on internal processes and not on the employee experience. With PayCaptain, innovative and employee focussed organisations can finally put the payroll part of the employee lifecycle on brand and aligned with their values.

Research shows employees want more flexibility for accessing and managing their pay and PayCaptain’s Faster Payments Engine built into the payroll process allows payments to be sent to employees instantly at any point – including weekends and bank holidays. Expenses, commission payments, length of service awards are sent on the day they are due and employees decide to receive their money into their current account, savings account or pension pot.

PayCaptain is the only payroll solution with specific user functionality for Payroll Giving – allowing an employee to donate some of their pay (before tax is deducted) to charities of their choice.

PayCaptain believe receiving your income should come with good quality financial guidance and tools. For example the recommendation to send money to your savings account on pay day and the option to switch on an automatic transfer.

Pay, Pensions, Banking and Tax can be confusing, so PayCaptain have created a super modern, graphical and multi-language user interface and content to make this information more inclusive and accessible. A very helpful chatbot built into PayCaptain payslips enables employees get instant answers about their pay, avoiding the need for having to find answers elsewhere.

Everyone has a different relationship with money and financial stress effects people on the entire pay scale. Some demographics are adversely affected and there are specific challenges with vulnerable people and families on low incomes. PayCaptain has been designed to help everyone regardless of their existing money management skills or financial situation.

PayCaptain is a valuable benefit for employees and can help to improve employee financial wellbeing. Companies can benefit from improved employee productivity and staff retention.

The company started building the product in January 2020, went live with two early adopters in summer 2020, and started selling in January 2021. They are now live with over 200 employees and a pipeline of over 10,000.

PayCaptain are registered with the Financial Conduct Authority, and are proudly pending to be a B-Corporation. Launching the company during the pandemic has not been ideal and changing payroll systems has obviously not been a priority for many organisations, however PayCaptain have received very positive feedback and still have big aspirations to be the UK’s favourite way to get paid.