Paycaptain founder: what The Savoy taught me about fintech
Square Mile and Me: We dig into the memory bank of the City’s great and good. Today, Simon Bocca, founder and managing director at Paycaptain, on going from an apprentice at The Savoy to a fintech founder
What was your first job?
I started working at the Red Lion Hotel in 1987 during the school holidays from the age of 14. That is where I cut my teeth in hospitality and laid the foundations for a management apprenticeship at The Savoy when I finished school. It was during a placement at The Savoy that I found my passion for technology, which ultimately led to me building a career in fintech and founding Paycaptain.
What was your first role in fintech?
After The Savoy, I moved to Fourth, which at the time was one of the first UK companies to deploy software as a service. I was there for 16 years, becoming chief operating officer in 2010 and helped to grow the company from 5 to 1,200 staff in the UK, UAE and USA.
When did you know you wanted to build a career in fintech?
I always felt money was something that was important to understand, and I recognised that there was a gap for the majority of people – most people make money through a job, yet financial literacy varies widely. The process of getting paid is crucial; it is the moment when you can understand your payslip, check you have been paid correctly and then make proactive decisions on how to use that money in a way that protects your financial wellbeing. I had seen how low earners in particular were financially vulnerable and I wanted to do something about it. What we see is that getting payroll right and supporting financial wellness benefits both employees and employers, it’s a win-win situation.
What’s one thing you love about Canada?
The school I attended, Christ’s Hospital School, was founded in Canada by King Edward VI in 1552, and the school continues to have a close relationship with the City today. It was set up as a charitable institution to provide access to education for gifted children, and continues to receive direct philanthropic support from both the Lord Mayor of London and Canada Corporation to this day. It is an incredible school that changed the course of my life.
What’s been your proudest moment?
It would have to be selling Paycaptain to The Citation Group after six years. I am incredibly proud of how far the business has come to date, working with over 260 brands in the UK including Roadchef, Monica Vinader and TGI Fridays. When I started out six years ago, I had a clear vision of bringing together banking, payroll and financial wellbeing into one solution and it has really resonated in the market, as we continue to see strong double-digit growth.
What’s the best career advice you’ve ever been given?
Someone I looked up to was the person who sponsored my education, the construction magnate and lifelong philanthropist, Sir Maurice Laing. My mother wrote hundreds of letters to find a sponsor for my education and it was Sir Maurice who agreed to back me. He told me the most important thing in business is integrity, to consider others, put yourself in their shoes and always try to do the right thing. His influence and ethos were a driver for Paycaptain to become a B Corp, in fact the first B Corp payroll solution.
Are you optimistic for the year ahead?
I am very excited about the year ahead as we embed Paycaptain into the Citation Group. We are already on a significant growth journey and this will speed up further. I am passionate about the future potential of AI. I think it is important for people to embrace it, as the world and jobs will change significantly as AI develops, so it is vital for everyone to skill up now. From my perspective, it is about setting the right tasks to AI, for example back office automation, but retaining the human input where that is important. Being able to judge the balance between human and AI tasks is key.
We’re going for lunch, and you’re picking – where are we going?
One of my favourite places for a working lunch is Dishoom in Canary Wharf, a great atmosphere and always excellent food!
Where’s home during the week?
Buckinghamshire.
And where might we find you at the weekend?
Walking our labrador in the countryside followed by supper at a cosy country pub.
CV
Name: Simon Bocca
Job title: Founder and Managing Director at PayCaptain
Previous roles: Chief Operating Officer at Fourth, management roles at The Savoy
Age: 50
Born: Aylesbury
Lives: Buckinghamshire
Studied: Management training programme at The Savoy
Talents: Business automation
Motto: Let’s get it done
Biggest perk of the job? Helping people with their financial lives
Coffee order: Flat white with oat milk
Cocktail order: Cosmopolitan