PayCaptain – a cloud-based payroll software solution – has shared updates of its 2024 performance and goals for the year ahead.

Founded in March 2020, PayCaptain now services 150 customers with 30,000 employees being paid every month. 2024 saw annual recurring revenues figures hit £2M. Based on PayCaptain’s high retention rate and engaged pipeline the business is set to achieve £3M annual recurring revenue and continued EBITDA growth in 2025.

Simon Bocca, founder of PayCaptain, commented: “Just paying employees ‘accurately and on time’ is no longer good enough. With PayCaptain the mundane event of getting paid is converted into a modern, on-brand, flexible and helpful experience.

“Payroll plays a major part in the employee experience, and employees want more flexibility and control over their pay - including on-demand pay, automatic savings, tax free charitable donations and helpful tools to help manage their money. To date, PayCaptain has funded a remarkable £10M of interest-free wage advances to its users.

In 2024 PayCaptain also received funding from Innovate UK, part of UK Research and Innovation (UKRI), for a project to develop ReadySteadyPay – an automation tool to enhance the payroll process from the point of employee onboarding, using AI and robotic process automation.

The work draws on PayCaptain’s founding ‘tech for good’ ethos, and the company is already a certified B Corporation – the first payroll provider in the world to be accredited. In 2022, PayCaptain also received another grant from Innovate UK to develop SmartPay, based on ‘nudge-theory’ user experiences and algorithms to help employees manage their finances and build financial wellbeing, all through their personal payroll app.

Bocca added: “PayCaptain enables companies to innovate in an area which previously was impossible and helps facilitate improved job satisfaction, retention and productivity.

“Looking to the year ahead, we have goals to further enhance our digital labour workforce, continue helping drive more financial resilience for employees, and will be embracing autonomous workflows to further streamline payroll processes".