Revolut is launching a salary advance feature, enabling its three million UK customers to draw down their pay cheque a day early each month.
Revolut is piggy-backing off Modulr's direct access to the Bank of England to introduce the new service, which taps into the Bacs payment scheme for prompt release of funds.
Enabling early access to earned income has become a hot business model in the fintech space, attracting a host of startups looking to ease cashflow for consumers in a challenging economic environment.
Nik Storonsky, CEO and founder at Revolut, says: “Early access to salaries could be a genuine lifeline for many during these tough economic times. With Modulr we’ve been able to deliver better services and experiences to millions of UK customers. We’re looking forward to future innovation and to launching many more exciting products for Revolut customers."