Gender pay gap: Women at Revolut earn nearly a third less than male staff, while rival Monzo closes gap

By Aisling Finn on Tuesday 5 October 2021

Digital Banking

Female employees at Revolut earn 31.2 per cent less than their male colleagues, while Monzo’s female staff earn four per cent less.

Gender pay gap: Women at Revolut earn nearly a third less than male staff, while rival Monzo closes gap
Image source: Social Cut/Unsplash

 

Revolut has reported its gender pay gap for the first time and it’s not promising.

When looking at median hourly wages in the recently published data, Revolut pays its female employees almost a third less than their male counterparts—equating to a whopping 31.2 per cent wage gap.

Revolut’s gender pay gap means that women at the fintech stopped earning after 4 August 2021.

A spokesperson for Revolut told AltFi that, at the time of reporting, only 27 per cent of the fintech’s employees were women, owing to its large gender pay gap.

The spokesperson went on to add: “We are committed to narrowing the gap and have a number of initiatives to help us do so, including a women in leadership programme to increase the number of women in leadership roles, addressing recruitment and sourcing candidates to attract a greater number of women and partnering with organisations that support women in advancing careers in tech.”

As it stands, there are just two women on Revolut’s senior leadership team and 12 men.

The number of men receiving bonuses in 2021 at Revolut was nearly double the number of bonuses awarded to women. 

Just 7.4 per cent of female employees received a bonus compared to 13.6 per cent of men, with male staff receiving 97.2 per cent more than their female counterparts in bonuses.

On the other hand, rival Monzo seems to be faring a lot better. 

Monzo closed its gender pay gap to just 4.3 per cent in 2021, down from 14.3 per cent the year before.

In a blog post, Monzo wrote: “We’ve reduced our gender pay gap mainly through hiring and promoting women into senior roles, including positions in our executive committee and senior management.” 

Some notable female hires for the bank include Carol Nelson, Monzo’s first female CEO, Sujata Bhatia, former AmEx exec, as its COO and general counsel and company secretary Stephanie Pagni.

Between 2019 and 2021, Monzo actually increased the number of women in higher-paid roles from 26 per cent to just under 35 per cent.

Monzo has also nearly achieved gender pay parity across the lower, lower-middle and upper-middle quartiles—with female staff earning 47.5 per cent, 47.9 per cent and 50.1 per cent of their male counterparts respectively. 

Despite Monzo’s promising changes, it’s clear there is still work to be done at both companies to completely close the gender pay gap.

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