Revolut results: Most people there don't earn very much
After a long (long) wait, Revolut has finally released its financial results for 2021. If you're expecting to join the app-based bank and make a fortune, we have some unfortunate news for you.
On average, Revolut pays pretty poorly.
How poorly? Try £29k.
How can this be? After all, Revolut has a reputation for hiring high achieving GSDs who work long hours and surely expect to be paid commensurate with that.
It probably doesn't help that Revolut has significantly increased hiring in Warsaw. Levels.fyi puts the lowest engineering salary at Revolut in Poland at just $60k; London based engineers are earning over $126k (£104.5k)
As the chart below shows, Revolut's poor average pay is also because most of its staff are in low paying "service" rather than high paying product and engineering jobs. And those service jobs are where the hiring has happened.
The 2021 report also says that Revolut has been hiring for its "risk, compliance and control functions." They added 49 employees that year raising the total number to 206.
As Revolut has ramped-up its employment of staff in comparatively low-paying roles, average compensation has fallen dramatically.
In 2020, the average wage was £53.4k; in 2021 that fell to £29.4k.
Low average pay aside, Revolut is performing well. Revenue at the digibank tripled in 2021, leading to the first ever annual profit.
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