In recent years, UK challenger banks have looked to generate new revenue streams on top of their core banking and exchange offerings, as they look to better monetise their businesses in the race to profitability.
One example of this has been Starling Bank, which has earmarked Banking-as-a-Service, the model by which financial services firms integrate their services into the products and services of non-bank businesses, as a key revenue generator.
Challenger bank rival Revolut, meanwhile, offers an array of products including banking services, currency exchange, stock trading, crypto, peer-to-peer payments, travel, insurance, and even instant messaging.
The challenger bank is now to offer its “secret sauce” HRtech, which manages its 7,500 staff, as a B2B proposition.
Oleksii Mukhin, director, and operating partner, Revolut said it is making its “secret sauce” HR system available to “selected customers” by invite only.
"The Revolut People is now available: system that we developed in-house and used for the last five years is now available for selected external companies (invite only).
“Our fast-paced, achievement-driven culture and experience are bottled in the Revolut People. This includes a unique 'secret sauce' that enhances Revolut's performance, recruitment, and HR processes.
“We went all the way from the manual employee performance taking spreadsheet to hiring and managing more than 7500 internal employees in the system.
“If you think that your company should be on the waiting list too - please comment "+" or DM me, and I will share with you the materials and do a demo for you."
Responding on LinkedIn, Baraa Koshak said:
“I was a big fan of Revolut People during my time in Revolut! Excited to use it with my team now!”
Anuranjan Kuram said:
“Have used the product in-house. You guys will like it.”
Revolut said it may have more details to share in the coming weeks.
Lead image: Photo by Theo Crazzolara