Going backwards: Revolut’s gender pay gap grew bigger in 2022

While last year fintech giant Revolut made some slight improvements to its gender pay gap, this year the company actually saw its mean hourly pay gap increase from 22.7 per cent to 25.4 per cent.

The rise means that Revolut’s gender pay gap last year was the largest in its reporting history, although Revolut did see some improvements in other areas.

Last year Revolut was criticised for the 95.8 per cent mean bonus gap that saw men earning on average double the bonus of their female colleagues.

For 2022 Revolut managed to slash this to 57.5 per cent, still a huge gulf, but an impressive year-on-year improvement.

Revolut also hired more women even as its headcount grew by 52 per cent globally, with women now making up 35 per cent of its workforce, an increase of three per cent from 2021.

“It is crucial that our products and services, used by millions across all demographics, are built by an equally diverse group of Revoluters,” said Nik Storonsky, CEO and co-founder of Revolut.

“We are committed to becoming a fully inclusive organisation. Reducing our Gender Pay Gap is an important part of this mission.”

As in previous years, Revolut listed a host of initiatives it is taking or has joined in order to improve its current gender pay gap.

Among those mentioned is its commitment to the Women in Finance Charter, committing to increasing the percentage of women in leadership roles to 30 per cent by 2025.

At the moment, however, the number of women across the company’s board and executive leadership team has actually fallen in the last year.

Deirdre Halligan, Revolut’s head of global affairs and wealth and trading and the only woman on the company’s executive leadership team, left the company in July 2022.

Today Caroline Britton, chair of Revolut’s audit committee, is the only woman on the company’s board of directors.