Revolut founders Vlad Yatsenko, left, and Nik Storonsky
(Picture: Revolut)Men cashed bonuses that were worth almost what women cashed atRevolut last year, disclosures show.
Britain’s most valuable private tech business reported a 96% gender bonus gap in 2021, a reduction of one percentage point on the previous year.
The company’s mean hourly pay gap was 22.7%, down 0.4 percentage points from 2020, while its median hourly pay gap was 25.2%.
Revolut CEO Nik Storonsky said the company “must do more to ensure women are provided with fair and equitable opportunities.”
He said: “As CEO, it’s my duty to make this a reality, so that next year and in the years following, we can report an ever greater reduction in our Gender Pay Gap.”
According to Revolut’s website, just one of its seven-strong board of directors and one if its nine-strong executive leadership team is a woman. At rival Starling Bank, four of nine directors are women.
In its gender pay gap report, Revolut promised to take steps to reduce its gender pay disparities, including the launch of a diversity data collection campaign, the extension of maternity leave provision and organising “speed mentoring events” for over 100 of its female employees.
Revolut said the bonus gap figures “are not an accurate reflection of the bonuses awarded” because the figures “reflect options exercise by colleagues in the year rather than those awarded.”
Revolut awards bonuses in shares which can be held or cashed in. More men exercised their share options last year than women, 20% against 14%. The bonuses only show up in the gender reporting data when cashed in.
The 96% bonus gap is higher than Starling, which reported a gap of 56% in 2021. It is also significantly higher than many of the UK’s biggest banks. Standard Chartered reported a bonus gap of 52% and HSBC had a gap of 62% last year.
However, Revolut’s mean hourly pay gap was lower than those of Barclays, HSBC and NatWest.
Founded in 2015 by Russian-born Nik Storonsky and Ukrainian Vlad Yatsenko, Revolut reached a $33 billion (£25billion) valuation in July 2021 in a $800 million (£580 million) funding round.
The founders have a combined wealth of £6.3 billion, according to Forbes estimates.
