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The profitable London fintech paying £148k per head celebrates 15-hour days

If profitability is king among fintechs in 2024, then OakNorth Bank is royalty. In its 2023 annual report, the digibank announced that it had improved on its already impressive profit margins from the previous year, netting £187m ($237.2m). 

This doesn't mean OakNorth is skimping on pay; OakNorth's were paid £147.9k on average. Pay is down a bit from £164k on average in 2022, but OakNorth still looks generous. Revolut's most recent report showed an average pay of £62k, while Monzo paid even less: £51.6k. Atom Bank paid its staff £54.6k.

OakNorth has been doing some big hiring. It ended 2023 with 228 staff, up from 146 employees the year before.

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However, OakNorth isn't universally adored by those who work there. While Atom Bank pays less, it also offers a four-day week which, if Glassdoor reviews are anything to go by, OakNorth staff would certainly appreciate.

Reviews claim that you are "expected to work beyond 9-5" at OakNorth, and that the fintech "actively celebrate[s] employees working 15-hour days" whenever there's an all-employee call. OakNorth doesn't shy away from this; a spokesperson told eFinancialCareers that "sometimes in order to achieve [positive outcomes], teams will stretch beyond core working hours, and we feel this should be recognised rather than ignored."

There are also complaints about lack of structure, with one review likening the culture to "trying to build a ship in a storm." One Glassdoor review last month noted that the office, which employees are meant to be in three days a week, has a "great barista" at least. 

The demanding hours may be off-putting for some; the fintech has seen a number of senior people leave. Michael Forman, VP of engineering for OakNorth Credit Intelligence, left in October after four years there, and resurfaced at price forecasting fintech Mintec this month. Frontend developer Manuel Madeira left earlier this year to become a VP at JPMorgan.

Reviews also claimed that there were a lack of women in senior positions, but OakNorth has been making steps to change this in 2024.  Gabbie King, who joined from Accenture in late 2022 was recently promoted to product director for cards and payments. It also hired Shweta Sawhney, a former Standard Chartered director, and Chantelle Lamb, head of fraud at Vanquis Bank, in January. It also lost a senior woman however, as director of marketing Rachel Ferguson left in February for Monzo.

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AUTHORAlex McMurray Editor

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