British payroll startup Deserve it aims to help the “millions of people in the UK who often resort to overdrafts, credit cards and payday loans to cover unexpected costs when they arise” and those who do not even have access to money already made, according to one Press release.
The company said it provides “an affordable and fair way for people to access the money they’ve made in real time”. Earnt It users can see what they have earned on a daily basis in the app and have instant access to that money when they need it. There is only a one-time platform fee and no interest or penalties, which the company says is a way for people to avoid getting into a difficult payday loan cycle.
Earnt It is in the testing phase and adds about 20 new users every day – there are about 1,000 people on a waiting list. The company plans to launch to the public in February.
The startup was founded by Hasam Silva, who previously worked at PayPal and was involved in the development of PayPal Credit. Silva left PayPal in October to return to London and work on Earnt It. He also served in the British Army, where he toured Afghanistan.
Silva said his vision for Earnt It was “to build a range of alternative fair and affordable financial products that complement someone’s existing bank account“.
Payroll is a popular industry for startups in the UK, and has attracted a lot of attention. The number of new service providers has increased, which has given the industry the opportunity to consolidate.
For example, Based in the UK The access group recently drove market consolidation with two different acquisitions, announced in November. These included HR solutions company People HR and payroll technology company Payroll Service Company. In a statement, Access Group CEO Chris Bayne mentioned that the deals would strengthen the company’s ability to drive efficiency in the payroll departments, especially for small and medium-sized business customers.