Fintechs reveal worsening gender pay gap

Zopa and Atom Bank have been found to be among the worst performers with regards to the gender pay gap in tech companies, according to analysis by the Evening Standard.

The pair both posted increases in their median pay gaps, amounting to almost four times the national average, at 37 per cent and 36 per cent respectively.

Monzo was found to have more than doubled its average median hourly pay gap from 4 per cent to 9 per cent over the past year, while payments company GoCardless saw its pay gap widen from 20 per cent to 24 per cent. 

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Elsewhere this week, Revolut was reported to have taken a step back on gender parity, with its mean hourly pay gap increasing from 22.7 per cent to 25.4 per cent.

The average median wage difference between the genders in the UK is currently 9.4 per cent.

The increasing disparity of pay in tech companies has been attributed to widespread redundancies across the sector and listings for jobs also falling considerably.

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Zopa told the Evening Standard that it had 50 per cent representation in its leadership team and attributed the pay imbalance to “the distribution of women across the firm, with more men in tech and product-oriented roles that often come with a higher market value”.

Meanwhile, Revolut chief executive Nik Storonsky was quoted by AltFi earlier this week as describing diversity within the company as “crucial”.

“We are committed to becoming a fully inclusive organisation. Reducing our gender pay gap is an important part of this mission,” he added.

Read more: Zopa narrows gender pay gap