London fintech Monzo hired over 700 employees and average salaries rose 15%
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 3,140 employees on average, up from 2,412 the year before. Average ‘salaries and wages’ per employee were £60k, a notable increase from £52.1k in 2022/23.
Monzo has plans to expand in the US. However, its headcount there remains diminutive. In 2022/23 Monzo’s report stated it had 20 employees in America. Now it has 34, 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 573 and 140 respectively.
Monzo’s report says 37% of women and 37% of people of colour are in leadership roles. The latter figure rose over 14 percentage points from figures in the 2022/23 report. 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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