PayDashboard, the interactive payslip platform, today announced it has been selected by Innovate UK, the UK’s innovation agency, to receive a £167,072 funding grant to help drive and support its continued growth in the financial wellness space. The London headquartered, fintech innovator was selected to receive the six-figure funding as part of the Government’s sustainable economic recovery plan following the impact of COVID-19 on UK business.

PayDashboard, a driving force of digital innovation in the world of pay, currently offer an interactive payslip experience, where employees can access financial education through their digital payslips and utilise smart features to help them to understand their pay, their payslip and their taxes.

The company plan to use the grant to further expand into the financial wellbeing market and offer tools that support employees’ financial, physical and mental wellbeing beyond just payday. The new service offering will have significant value beyond the traditional payroll process, including financial wellness and education to help employees to understand their individual needs when it comes to their money, and the tools available for them to help improve their financial position.

This latest grant follows a period of significant growth since the company launched in 2016.

Mike Binns, CEO at PayDashboard, commented: “The support behind this Government funded grant from Innovate UK is strongly indicative of our future product vision and continued growth potential. We look forward to expanding our PayDashboard offering to new audiences in the coming months.”

Innovate UK, investing up to £191 million to fund single and collaborative research and development projects as part of the Sustainable Innovation Fund over the next two years. The aim of these competitions is to help all sectors of the UK rebuild after the effects of COVID-19.

The Sustainable Innovation Fund is funding 1,103 projects, 1189 UK businesses and totalling over £130 million in support across the UK.

Innovate UK Executive Chair, Dr Ian Campbell, said: “In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impacts society and the economy.”

He continued: “PayDashboard, along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people.”

Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. Part of UK Research and Innovation (UKRI), the national funding agency investing in science and research, Innovate UK connects businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth.