Workplace pension innovator Smart Pension has partnered with leading digital financial services firm Revolut to provide a unique retirement savings solution for its business customers, it has been announced today.
The collaboration will allow companies from across Europe that sign up for Revolut’s business account to set up a workplace pension for their UK employees within minutes.
The announcement follows the news last week that Revolut’s business customers with local GBP account details can now set up direct debits to automate the payment of regular bills and expenditure including monthly pension contributions.
Will Wynne, Smart Pension co-founder and MD, said: “Revolut shares our passion for using technology to make life easy for people.
“Revolut's business account can now be used by employers across Europe to automatically pay into a workplace pension for their UK workers without hidden fees. We are excited to be opening up our tech-enabled, value-for-money workplace pensions to Revolut’s business customers.”
The new feature will see Revolut for Business customers that sign up before April 30th 2020 get an introductory offer to include a promotional discount off members’ fees.
“Our new partnership with Smart Pension makes it easy for our business customers to meet auto enrolment requirements for eligible members of their companies. Not only can account holders take advantage of this preferential rate from Smart Pension, but they can set up both a business account and get pensions up and running in minutes. This partnership is a game-changer for our customers,” said Vaidas Adomauskas, Head of Business Product at Revolut.
Business account holders will be able to access the time-limited offer via the Perk pages on Revolut’s platform.
Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by allowing them to cheaply and easily spend and transfer money abroad, the company has since attracted over 8 million customers in Europe with its spending overviews, budgeting controls, savings features and cryptocurrency exchange.
Revolut for Business is the business service offering from the app-based banking alternative Revolut, with over 250,000 business customers worldwide. The service was launched in July 2017 across the UK and Europe and allows companies to sign up for multi-currency accounts in minutes, transfer money cheaply and easily, and issue employees with corporate cards for global fee-free spending.
To date, Revolut has raised approximately $340 million in funding, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global. www.revolut.com
Launched in 2015, Smart Pension exceeds £4bn in assets under management (AUM) and now serves over one million members and more than 70,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.
Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers are all investors in Smart Pension.