Factorial Transforms Payroll Experience With PayCaptain Partnership
London, 14 March 2024 — Factorial, the all-in-one employee management platform, today announces its strategic partnership with the UK cloud-based payroll solution, PayCaptain, to streamline payroll for its customers and simplify workforce management.
The partnership will automate and enhance the staff scheduling and payroll experience for mutual clients, helping employers to effortlessly manage employee time and pay their workforce accordingly with just a few clicks, while also increasing efficiency and driving organisational success.
Clients will benefit from the seamless integration of two best-in-class solutions, featuring real-time data synchronisation, which eliminates the need for duplicate data entry, freeing up significant time to focus on strategic HR initiatives and business growth, while reducing the risk of human error.
In addition, offering a highly desirable staff benefit designed to build financial resilience, the integrated platform will empower employees with unique and innovative budgeting features which allow them to track their monthly hours against earnings and feel in control of their income, regardless of salary and personal circumstances.
Weekly advances give employees the option of accessing part of their budget on a weekly basis - up to £50 of their accrued earnings each week - whilst keeping funds protected for their bills and direct debits at the end of the month.
Employees can also access up to £200 of emergency cash, so long as the salary has been accrued – giving vulnerable and low-income staff in particular more agency to deal with emergencies when they have no savings to cover them.
Jordi Romero, Co-Founder & CEO of Factorial, said: "We knew partnering with a forward-thinking payroll expert would be the next big step towards becoming that one-stop shop for all employee-related matters and leading the way in the UK market. We chose CIPP-awarded PayCaptain for its innovative approach to payroll and commendable commitment to fostering a ‘financially fit’ workforce, at a time when the cost-of-living crisis continues to put enormous pressure on households and has seen in-work poverty grow exponentially across the UK.
“We believe that giving employees more agency over their remuneration is critical to supporting vulnerable groups in employment – and ultimately creating a more inclusive, diverse and fairer workplace for all. Recognising the impact that financial stress has on productivity and absenteeism, we look forward to helping our customers look after the financial wellbeing of their workforce with flexible remuneration options,” explains Romero.
Setting the stage for this collaboration was Factorial’s expansion into financial management and acquisition of expense management software Fuell in October 2023, furthering the Spanish unicorn’s commitment to delivering an all-in-one Business Management platform for all things employee-related.
Simon Bocca, CEO and founder of PayCaptain said: “At PayCaptain, we're all about teaming up with forward-thinking People Technology solutions to make the employee journey even better and eliminate manual processes for employers. Our focus on employee wellbeing and tech innovation fits brilliantly with Factorial's dynamic platform. Integrating staff scheduling with payroll is the best way for employers to ensure shift workers are being accurately paid for the hours they’ve worked. We're very excited to kick off this journey together, helping shared clients to streamline operations and look after their employees along the way.”
For more information visit www.factorialhr.co.uk and www.paycaptain.com
About Factorial
Factorial was founded in 2016 in Barcelona by Jordi Romero, Bernat Farrero and Pau Ramon, three entrepreneurs with deep expertise building productivity software. The company’s vision is to enable SMBs globally to make better people decisions based on data and increasing data driven insights. By automating and centralising processes such as recruiting, onboarding, absence management, payroll, and time tracking, Factorial helps companies reduce up to one week’s of repetitive, administrative tasks per month.
With over 10,000 customers across 65 countries, Factorial’s team is currently formed by approximately 1000 employees, distributed in the company offices in Spain, Brazil, Mexico and the US. In 2022, the company was designated a European unicorn after closing a Series C investment round of USD 120 million, with a valuation of USD 1 billion. In 2023, Jordi was a finalist for the Young Entrepreneur Award.
For more information visit www.factorialhr.co.uk
About PayCaptain
PayCaptain is a multi-award-winning intelligent, real-time payroll solution and service, that enhances processing time, improves visibility and accuracy, whilst providing employees with a unique and innovative Financial Wellbeing toolkit to manage the money they receive in the best possible way. The mission: To win the battle against financial stress in the workplace and be the UK’s favourite way to be paid.
Whilst providing modern expert payroll, PayCaptain is a payroll solution that incorporates functionality to help people feel in control of their income. With tools and information specifically designed to positively impact the financial resilience for people struggling with money, or vulnerable and low-income employees.
PayCaptain is committed to creating a positive impact. As the world’s first payroll company to be B-Corporation certified, PayCaptain has also been recognised and rewarded with two B Corp ‘Best for the World’ awards for being within the top 5% of highest scorers within both the Workers and Governance impact areas in the B Corporation B Impact Assessment.
Additionally, PayCaptain was awarded the Chartered Institute of Payroll Professionals ’Software Product of the Year 2022' at the CIPP Annual Excellence Awards.
For more information visit www.paptain.com
