If you're hoping to quit banking and make a fortune working alongside ex-Credit Suisse trader Nikolay Storonsky at Revolut, the UK tech-unicorn-online-bank which aspires to a valuation of $20bn before an IPO, we'd like to puncture your bubble. Yes, Revolut is hiring hugely, but most people there aren't that well paid.
Revolut Limited just published its accounts for the year ending December 2018. As has been observed already, senior staff there are doing very well. Storonsky, ex-chief financial officer Peter O’Higgins and chief technology officer Vladyslav Yatsenko sold $25m of shares between them in August 2018. Senior engineers like Valdas Kriaučiukas and Igor Dolzhenko sold their holdings too. In addition to this, the highest paid director at Revolut Limited received £1.5m in new remuneration for 2018, mostly in the form of shares.
While Revolut is sweet at the top, pay is less palatable lower down. After a surge of hiring in 2018, Revolut Ltd increased headcount 224% to 431 people. In the process of doing so, it kept average compensation (including salaries, share based payments and pension contributions) steady at...£25k ($31k).
If you're used to an investment bank-style salary this might come as a very horrible shock. In reality, though, it's kind of unsurprising: Revolut is a retail bank and retail banks are not big on pay. So, when Revolut says it's hiring 3,500 new staff in a global push with Visa, it's not going to be creating thousands of roles for top developers on six-figure packages.
You'll clearly get paid more if you're in a mid-management role. Revolut Technologies Inc, the company's U.S. arm paid a senior operations manager in New York a $165k salary in June 2019, according to H1B visa information. Even so, it's not exactly on a par with other finance jobs - unless, of course, you're able to cash-in when the IPO takes place. In 2018, though, Revolut Ltd. made a loss of £33m.
The comparatively low pay at Revolut is notable, because the company has long had a reputation for a slightly abrasive culture and long working hours. It's trying super hard to address this and Glassdoor has recently been peppered with 5* reviews from all kinds of Revolut employees saying it's a wonderful place to work. One of these glowing reviews, however, says Revolut is not a place for people who, "think that work is limited to your 9-5 schedule." This may be true. It may also be true to say that Revolut is for people who think work isn't limited to hours between 9-5 and are willing to go the extra mile for an average of £25k.
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