Goldman Sachs & Revolut hires helped Monzo's big growth
If you're looking to join a fintech firm that had a strong 2022, you can always cast an eye over Monzo. The UK-based digital bank's revenues grew 250% in a period when other fintechs were laying people off and having valuations slashed.
Monzo has also been hiring in a big way. Last year, headcount rose by 500 people. In and amongst those new hires were multiple staff from elite finance institutions that may have helped it thrive.
For example, Siddharth Ganeriwala quit Goldman's struggling consumer banking division Marcus, in March, and reappeared at Monzo as a data analyst. Goldman alumni are also dotted through Monzo's ranks. Aran Long joined in 2019 but became a senior engineer in July.
Unsurprisingly, given the parallels between the two businesses, Monzo also poached from Revolut. Richard Bromley joined from Revolut as global head of fraud risk and compliance in August, for example.
As Monzo has added staff, its average pay has fallen slightly to just under £50k. This is almost certainly due to the nature of its new jobs: 350 of the new hires were in customer operations.
Software developers at Monzo are better rewarded. According to Levels.fyi salary data, the average total compensation paid to Monzo engineers in 2022 was $136.5k (£111k).
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