The UK fintech employees who took Fridays off got a raise
UK based banking fintech Atom took a blow this week when a fundraising round saw its valuation drop from £435m ($530m) to £362m. However, as it loses ground to its unicorn peers like Monzo and Revolut, Atom's employees won't have much complaining to do. In addition to offering the rare and coveted perk of a four-day working week, Atom's newly released accounts show that average pay for its employees rose between March 2022 and 2023.
In 2022, 'wages and salaries' averaged out at £48.6k ($59.2k) for each of its 424 employees. In 2023, Atom increased its headcount to 452 and average wages increased to £54.6k, a rise of 12%. While this is partly accounted for by inflation, Atom said it increased the salaries of the lowest paid employees and apprentices to £19,271", the real living wage. It also paid out two cost-of-living based bonus payments in late 2022.
Most of last year's Atom hires were in the administrative team, although there were nine new technologists too.
Atom is based in Durham, where the cost of living is lower than in London. Revolut's accounts showed its employees made £29k on average, while Monzo's accounts saw employees earn £51.6k. Revolut is busy hiring "service" staff in lower cost areas like Latvia. In the capital, Monzo in particular pays very well, with software engineers earning £140.8k on average according to Levels.fyi.
Atom's pay figures are still respectable, particularly in light of the shorter working week. Working there might not carry the same prestige or see you work with the most exciting tech stack in fintech, but for staff that prioritize work-life balance above all, it looks a solid choice.
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