London fintech Monzo hired over 500 employees and average salaries rose 5%
London fintech stalwart Monzo has become one of the illustrious few fintechs to reach profitability. It’s 2023 annual report shows that revenues more than doubled last year and that it attained a £15.4m ($19.6m) pre-tax profit after a £116.3m loss in 2022. In the process, Monzo massively expand headcount without sacrificing pay.
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In 2023, Monzo had 2,412 employees on average, up from 1,879 the year before. Average ‘salaries and wages’ per employee were £52.1k, a slight increase from £49.7k in 2022.
Monzo has plans to expand in the US. However, it’s headcount there remains dimunitive. In 2022 we counted 16 employees there. Now we count another four, including Michelle DeMateo, a chief of staff joining from Zendesk and Laura Brown, formerly of Spotify, who joined as a lead user researcher.
Monzo splits its staff up into two divisions: ‘customer operations’, and ‘management, operations and administration.’ These saw rises in headcount of 261 and 292 respectively. The bank also noted that “more than 239 employees moved roles internally.”
Monzo’s report says 35.6% of women and 22.9% of people of colour are in leadership roles. Gov.uk gender pay gap data backs this to a degree. Women earned 92p for every pound a man made at Monzo in 2023, above the national average. Women and men earned equal bonuses on average, too, although a higher percentage of men earned bonuses. Women also occupy 35.3% of the top quartile for pay.
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