Codatech rebrands to Finity, unveils 'recfintech' platform

Codatech, a software provider for the recruitment sector, has rebranded as Finity, introducing a new "recfintech" concept aimed at transforming the temporary recruitment sector by bringing financial unity to the industry.

Finity is described as a back office platform tailored specifically for recruitment agencies and umbrella companies. It aims to unify temporary worker placements and payments, thereby streamlining operations within one cohesive system. The platform seeks to address and resolve inefficiencies traditionally seen within the sector.

"Finity isn't just a rebrand, it's a leap into the future of recruitment fintech, and it represents our commitment to financial unity: connecting the disconnected to make paying and getting paid easy and rewarding for everyone," stated Varun Monteiro, Chief Executive Officer of Finity.

"Powered by a unified, growing global team of 35, whose experience is grounded in the recruitment and technology space, Finity is a huge step towards revolutionising the digital landscape for the temporary staffing sector, which has unique needs that are often misunderstood or unmet by traditional payment and payroll providers."

In the past, Codatech has built a reputation on its products Codapay and Codabill, both of which will transition into the newly branded Finity Back Office. This consolidated solution is intended to facilitate processes from timesheets and invoicing to payroll and payments with increased efficiency and at a scale that meets the demands of the temporary recruitment sector.

The platform incorporates a standalone payment system designed specifically for recruitment, eliminating the need for bank file exports and enabling a direct payroll to payment process within the system itself. This is complemented by a unique rewards feature, which allows clients to accumulate points through processed timesheets and payslips that can be redeemed in various forms, such as air miles, discounts, and a Finity rewards card.

Varun Monteiro elaborated on the significance of this system: "The recruitment industry supports the livelihoods of 1.6m temporary workers in the UK every month. It deserves a back-office solution that makes life better by offering accurate, easy-to-use technology with tangible rewards. Finity provides a superior solution to recruitment businesses and their temporary workers, helping reduce salary inaccuracies and delays, providing more financial freedom and socioeconomic mobility."

Since its beginnings in 2016, Codatech has become a prominent player in the back office recruitment technology sphere. Originally based in Manchester, the business has since transitioned to a remote operation, allowing it to attract skilled professionals from the UK and internationally.

The rebranding to Finity signifies an important development for the company as it seeks to solve the challenges its clients face, particularly the discrepancy between payment speed and volume against current technological capabilities, the company shared in a statement. Monteiro added, "As Finity, we're excited to lead the way in the transformation of this complex industry and how the UK's temporary workers are paid."