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Tech lowdown: TransferWise, Revolut, Monzo, Paycircle and PayDashboard

This week, our tech round-up features Revolut’s Pride card, gold and silver purchases, TransferWise investment news, Paycircle partners with PayDashboard, and Monzo’s Tom Blomfield steps down – again.

13th Jul 2020
Staff Writer AccountingWEB
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Revolut’s Pride card is back

In support of Pride, Revolut has relaunched its rainbow card for customers who’d like to donate £3.00 to ILGA-Europe, a charity that campaigns for lesbian, gay, bisexual, trans and intersex human rights.

Revolut Pride card

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TransferWise to offer investment products

Online money transfer unicorn TransferWise has been approved by the Financial Conduct Authority (FCA) to offer investment services to its customers. TransferWise will now be able to arrange and offer investment deals and undertake other regulated investment activities.

UK customers with money deposited in a TransferWise borderless (multi-currency) account will be able to invest their funds into “simple, affordable funds from reputable providers”, to gain a return using the fintech’s free float.

TransferWise has yet to reveal any plans it has for investment products but these are expected to be announced in the coming year.

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Gold and silver purchases available through Revolut 

Revolut announced that its customers can buy gold directly through the Revolut app. From today, all European Economic Area (EEA) customers, excluding Lithuania, Poland and Hungary, can now also buy silver

Standard, Premium and Metal Revolut customers across the EEA can make gold and silver purchases through the Commodities feature in the Revolut app. Customers can purchase and trade exposure to silver and gold, based on live market performance data.

According to Revolut, purchases are backed up by real, physical silver and gold, held securely with a trusted precious metals services partner. Adding silver trading to the platform continues to expand its commodities trading options and follows the launch of Revolut’s cryptocurrency platform in December 2017 and trading platform in July 2019.

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Tom Blomfield terminated as Monzo director

After recently stepping down as CEO, Monzo co-founder Tom Blomfield has resigned as a director of the digital bank.

Although Blomfield and the other founders no longer hold executive positions, they retain their shares in the company and will be invited to board meetings, Monzo said. Reactions on the web suggest that the episode is another example of the fintech industry’s parade of woe this year.

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Paycircle and PayDashboard partnership

Cloud-based payroll provider Paycircle recently joined forces with interactive payslip platform PayDashboard, giving employees remote access to payslips with flexible employer communication.

“PayDashboard’s vision is very similar to our own, which is to create a [more] interactive payroll and payday experience for bureaus and employees alike,” said PayCircle co-founder Catherine Pinkey. “The payroll world is changing and we’d like to think both companies are in the vanguard of that change.”

“Both companies believe payslips and payroll [are] usually seen as a laborious process rather than a chance to engage more effectively with the workforce,” said PayDayshboard CEO Mike Binns. “Payday, whether it’s weekly, fortnightly or monthly, is always an emotive experience and our products hopefully capture and reinforce that emotion, turning a previously dull payroll event into an opportunity.”

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