Could Revolut become a global payroll player?
Last week, rumours began to circulate that Revolut was launching an employer of record (EOR) service named GlobalHire that would build on Revolut People, the employee performance management platform launched in December 2023 as part of the digital player’s continuous move into new markets.
Revolut has confirmed to us that it is in the early stages of exploring an employer of record product, but declined to provide a timeline for its potential launch.
“Revolut has been active in the HR space for some time already through its Revolut People product, helping businesses manage team performance, recruitment, HR and payroll,” a spokesperson for the company told us in a statement.
“We want to build on this momentum and continue to explore new ways to serve our Revolut Business customers, so as part of this we are looking into adding a new solution to make international hiring easier, without the need to set up local entities.”
The service would bring Revolut further into competition with other global payroll providers that already provide such a service, including Deel, Oyster, Papaya Global and Remote, all of which have gained traction as a result of the post-pandemic rise in remote working and digital nomads. These providers already enable businesses to pay out full-time employees and contractors in hundreds of countries worldwide via their local accounts.
To grow its own share of this space, Revolut could potentially tap into its growing customer base, with more than 500,000 Revolut Business customers accessing its wide-reaching international network for international business transfers, which supports more than 150 countries and allows transfers in more than 30 currencies.
Revolut People, meanwhile, is currently available for all businesses with an entity in the UK, the US and EEA countries, though it can be used to support employees globally and is currently being used in more than 60 countries in total. However, Revolut didn’t report the specific contribution of this product to its revenue mix in 2023.
The addition of a $45bn company could make waves in an already burgeoning international payroll arena. For now, watch this space.
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