Zopa keeps hiring and boosts salaries amid fintech layoffs

The digital bank says no layoffs are on the horizon as it continues its mission to build the “best and most loved workplace” in the UK.

As news of downturns and layoffs continue to plague the fintech and tech sectors, Zopa has vowed to not only continue hiring but to raise its minimum salaries by more than 20 per cent.

The digital bank has already made a number of moves this year to improve its employee benefits, following the addition of Helen Beurier to the company’s C-suite as the first chief people officer last October.

Earlier this year, Zopa expanded its work-from-abroad policy from 90 to 120 days in what it described as the industry’s “boldest and most generous scheme”.

Now the bank is raising its base salary to a minimum of £27,000 for all employees – 25 per cent above the London living wage.

“Zopa bank always strives to provide a fair and inclusive working environment for all of our people, and we have worked hard this year to further improve our salary and benefits offering despite challenging market conditions,” Beurier said.

“People across the UK are feeling the challenges of inflation and the cost-of-living crisis, so it was particularly important for us to provide more financial support to staff who may need it most.”

Zopa has also given all employees on salaries less than £50,000 a winter bonus of £500 to help with the cost-of-living crisis.

The new benefits, which come alongside a commitment that there are no layoffs or hiring freezes “on the horizon” adds to an extensive package that was bolstered back in May.

It currently includes parity maternity and paternity leave, menopause support, paid bereavement leave, the option to sell annual leave and flexible bank holidays.

Beurier said the company has a number of processes in place to “collaborate, understand, and implement the offerings that are most valuable to Zopians”.

These include a “Zopometer” internal survey which recently saw nine out of 10 employees recommend the company as a great place to work.