Fintech where you work less and get paid more

It’s hard not to be pessimistic when looking at fintech news these days. Companies on the left and right are having their valuations cut, share prices plummet or make a series of cutbacks. A Durham-based digital bank is doing things a little differently.

Atom Bank may be delaying its stock market debut until 2024, but it is thriving compared to others in the fintech sector. The Financial Times reports that Atom plans to raise 50 million pounds ($61 million). Last Friday it announced a £30m raise which saw Spanish bank BBVA value the fintech at £460m.

All this has been done without turning an annual profit, indicating that investors see something of value in this company, whose claim to fame is being the UK’s first app-only bank

Atom has been around for a while, acquiring its UK banking license before both Monzo and Starling in 2015. That the two rivals are Unicorns while Atom is stuck at half, the valuation may cause concern for some, but for others it could be a sign of level in head and forward thinking. While other fintechs have expanded wildly, for example, Atom has been cautious — adding only 21 new employees in the last fiscal year. It employs 424 people.

Some of these 424 people could become very wealthy if Atom floats. Like most fintechs, the company issues shares to employees, including annual stock options and options issued to employees who helped build the bank. Atom’s location means it competes for different staff than London-based fintechs. The company has been working on a North East Fintech strategy for 2023 to 2026, which has helped the region stand out as one of the emerging UK fintech clusters. However, it also has an office in London. As such it attracts both people with experience from large international banks and local players in the north of the UK. For example, senior hires this year include CTO Andy Sturrock, a former director of strategy and architecture at Bank of America, and CRO Rebecca Cartwright, who has held positions at several smaller Midland banks such as Wesleyan Bank and Melton Building Society.

There are also signs that Atom is a popular outlet for people at the Bank of England. Model validation manager Juan Martinez and risk manager Sebastien Breiter have both worked for the bank in the past and are based in London.

While rival app-based bank Revolut has a reputation for grinding employees hard, Atom appears to be the diametric opposite. It has a four-day work week and 100% of employees approve of CEO Mark Mullen on Glassdoor, a rare sight in the fintech space.

Staff describe the bank as “progressive”, “family friendly” and “supportive”, with many praising that they are a “really believe in the four day work week.That doesn’t mean they’re perfect, as some reviews warn of “stressful” deadlines and “technical debt” that could present some long-term stumbling blocks.

Reviews also praise the compensation and high bonuses. Engineer salaries appear to average $44k, which, while lower than the London average, is higher than Glassdoor’s average for the Northeast.

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