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
Smart Pension is a global savings and investments technology platform provider. Co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, MD, it is one of the UK's largest providers of workplace pensions. Its award-winning master trust is overseen by independent professional trustees. In 2016, Europe’s second largest asset manager Legal & General Investment Management (LGIM) took a minority stake in the digital pension platform, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider economy. In January 2019 J.P. Morgan invested as part of a strategic investment round and in November 2019, Link Group, the leading administrator in the Australian superannuation industry, invested as part of strategic partnership.
In 2019 Smart Pension was named DC Master Trust of the Year, DC Innovation of the Year and Retirement Innovation of the Year in the UK Pensions Awards. It was also named European Pension Fund of the Year 2019 in the European Pension Awards.
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