Fintech
London-based fintech Monzo has hired over 700 staff and average salaries have increased by 15%
London fintech the faithful Monzo has become one of the illustrious few fintech reach profitability. The 2023 annual report shows that revenues more than doubled last year and that it achieved a pre-tax profit of £15.4 million ($19.6 million) after a loss of £116.3 million in the 2022. In the process, Monzo has massively expanded headcount without sacrificing pay.
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In 2023 Monzo had an average of 3,140 employees, compared to 2,412 the previous year. Average ‘wages and salaries’ per employee was £60,000, a notable increase on £52.1k in 2022/23.
Monzo plans to expand into the United States. However, the number of its employees remains small. In its 2022/23 report Monzo said it had 20 employees in America. Now it has 34, including Michelle DeMateo, chief of staff who arrived from Zendesk and Laura Brown, former Spotifywho joined as lead user researcher.
Monzo divides its staff into two divisions: “client operations” and “management, operations and administration”. These saw an increase in headcount of 573 and 140 units respectively.
Monzo’s report states that 37% of women and 37% of people of color are in leadership roles. The latter figure is up more than 14 percentage points compared to data from the 2022/23 report. Gov.uk data on the gender pay gap supports it to some extent. Women earned 92p for every pound a man earned at Monzo in 2023, higher than the national average. Women and men also earned the same bonus on average, although a higher percentage of men earned bonuses. Women also occupy 35.3% of the top quartile in terms of pay.
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