Our gender pay gap (GPG) has increased since last year. We've made progress since the gender pay gap legislation came in, and we're still one of the leading organisations in our industry. But we want to acknowledge why we see the gap fluctuate from year to year, and explain how we're working to close it. So in this year's report, we'll share the numbers and what's behind them.
Why our gap increased
In our last report, our gender pay gap had narrowed from 8.1% to 6.3%. Since then, the gap has increased by 2.4 percentage points (pp). This is mainly because we've got more men in the top quarter in tech roles. We are making good progress. In our latest Diversity & Inclusion report, we shared that women in our tech leadership increased to 24.6%. But we've still got more work to do. Tech salaries are higher than other roles across the industry. Because we don't have equal numbers of men and women in senior tech roles, this increases our pay gap across the whole company. When we split the data by Business, Tech and Customer Operations, each area has seen its gender pay gap decrease. But when you look at the whole company, it's increased.
Our median bonus gap (the mid-point between the highest and lowest bonus amounts paid to men and women) has increased from 2.3% to 19.5% in the last year. We don't pay performance bonuses at Monzo. But for this report, the taxable value of exercised share options count towards this gap. In the last year, more than twice as many colleagues exercised their share options, and 57.3% of them were men.
The only other activities that affect our bonus gap are recruitment-related bonuses such as referral and relocation payments.
An overview of our gender pay gap for 2022-2025
We know that closing the gender pay gap takes time, and we’re committed to doing it. From 2022 to 2025, our median hourly rate gap narrowed from 9.3% in 2022 to 8.7% in 2025.
Women now represent 39% of all leadership roles at Monzo. But women’s representation in the upper hourly pay quarter dropped by 2.9pp since last year, mainly because many of these senior roles were in tech. Representation in technical roles overall has stayed relatively flat since last year at 29%. But it’s increased steadily since 2021 (when it was 23%), and it’s strong compared to the wider industry. This year, our Women in Tech strategy focused on improving women’s representation in Engineering (which you can read more about below) to continue building on this progress. Long-term, driving down the gap needs industry-wide commitment to bringing more women into tech. Without that coordinated effort and investment, there'll only be marginal gains because there are fewer women in the market.
Table 1 | Gap (relative to men) | Gap (relative to men) | Gap (relative to men) | Gap (relative to men) | Gap (relative to men) |
2021 | 2022 | 2023 | 2024 | 2025 | |
Mean | 15.6% | 18.0% | 18.3% | 17.3% | 19.2% |
Median | 4.3% | 9.3% | 8.1% | 6.3% | 8.7% |
Mean bonus | 33.4%* | 56.0%* | 46.5% | 41.9% | 34.5% |
Median bonus | 40.0%* | 0.0% | 0.0% | 2.3% | 19.5% |
Proportion receiving a bonus payment | 13.2% | 44.9% | 46.8% | 38.1% | 9.5% |
Table 2 | Women /Men | Women /Men | Women /Men | Women /Men | Women /Men |
| 2021 | 2022 | 2023 | 2024 | 2025 |
Upper hourly pay quarter (highest paid) | 34.9% / 65.1% | 38.2% / 61.8% | 35.3% / 64.7% | 38.5% / 61.5% | 35.6% / 64.4% |
Upper middle hourly pay quarter | 50.1% / 49.9% | 48.6% / 51.4% | 52.5% / 47.5% | 49.5% / 50.5% | 51.3% / 48.7% |
Lower middle hourly pay quarter | 47.9% / 52.1% | 51.4% / 48.6% | 48.3% / 51.7% | 51.7% / 48.3% | 50.9% / 49.1% |
Lower hourly pay quarter (lowest paid) | 47.5% / 52.5% | 52.1% / 47.9% | 50.8% / 49.2% | 53.0% / 47.0% | 52.9% / 47.1% |
52.9% of Monzonauts (people who work at Monzo) in our lowest-paid quartile (Customer Operation roles) are women. This female majority at the lower end is similar to last year (53%). It acts as an ‘anchor’ in the data, meaning that any increase in male representation in higher roles will widen the overall GPG figure.
What we’ll keep doing to close our gender pay gap
We have a consistent strategy focused on improving our gender pay gap over time. It's built on four pillars: attraction, controls, growth and belonging.
How do we make Monzo an attractive place so that top talent wants to work with us?
What controls, policies and procedures are in place to challenge bias and ensure we're consistent in all of our People policies?
How do we grow and develop the people who are already here to create sustainable career paths for future leaders?
How do we ensure a strong sense of inclusion and belonging throughout people's time at Monzo to enable them to flourish?
Our initiatives won't change much from year to year, as we’re building these practices over time.
Some of the key initiatives we’re continuing to invest in are:
Improving representation of women in our Engineering discipline
This year our VP Engineering has spearheaded a Diversity & Inclusion working group to understand the common challenges faced across recruitment, development and progression, and to encourage process and behavioural change in favour of equity. The working group brings together senior technical leads from the department, people partners, recruitment, the diversity & inclusion team, plus representatives from our ‘Underrepresented Genders in Tech’ community group. It’s all part of a revitalised effort to improve the representation and progression of women Engineers. The discipline has created its own objectives and targets to keep itself accountable, it’s also investing in initiatives such as unconscious bias training for all hiring managers and gender decoding role and competency frameworks. Results have so far been promising. This year we’ve achieved a 55% gender split (women/men) among Engineering Directors.
We’ll keep learning from the Engineering working group, and applying those lessons across all tech disciplines.
Creating a culture of inclusion, belonging and community for women to do their best work
In March 2025, we launched our first official Women's Network around International Women's Day. It's executive-sponsored by Stephanie Pagni, Chief Legal and Administration Officer. The network helps drive our mission forward and builds a community space for women to focus on areas important to them. This year, they're focusing on engagement, personal development, and health and wellbeing. The network also plays a big role in giving feedback to Monzo, keeping us accountable on our commitments.
We also continue to expand our employee benefits so everyone can be at their best. In the last year, we’ve:
Invested in financial education through pension webinars to support our staff with long-term financial planning.
Introduced paid ‘Neonatal Leave’ to our caregiver benefits. This means parents are eligible for up to 12 weeks of fully paid leave if their baby is admitted to neonatal care shortly after they’re born.
Making sure everyone has fair and equal access to opportunities while they work here
We're working on lots of things to close the gender pay gap. One is making sure everyone gets the same opportunities while they're at Monzo. We check our data regularly to spot any problems.
Here's how we keep things fair:
A focus on diversity early in the recruitment process (top of funnel). We do this by actively reaching out to women candidates, telling them about our MAGIC Why (Employee Value Proposition) and inclusive culture.
Making sure our performance and pay review processes are fair. We do this by providing guidance on challenging biases during performance calibration (calibration is the process where managers meet to review their proposed employee ratings and ensure they are being applied consistently). This content is mandatory for all calibration participants. We also analyse both performance ratings and pay/promotion outcomes by gender and ethnicity, looking for any inequalities or imbalances in representation. In the 2025 Spring performance and pay review, women were overrepresented (compared to what we’d expect) when they received higher ratings and merit increases.
Continuing to run talent reviews for all our leaders at Director level and above. These sessions focused on action planning for the future – supporting people in taking their next steps and identifying areas for growth and development. We’re also embedding a succession planning process at Director level in order to identify opportunities for the next wave of leaders. These activities will help women going into senior positions, and the representation of women in higher paid roles.
Maintaining diversity at the very top
Our Board Diversity Policy ensures we're looking for, hiring, and retaining board members in a way that promotes diversity.
As signatories of the Women in Finance Charter, we've recently submitted that, as of September 2025, we have 38% women representation across both our executive committee and board overall. Our board is made up of 55% women and our executive committee is currently 20%. This will increase in February 2026 following the recruitment of Monzo’s new CEO, Diana Layfield. Our Board will then consist of 64% women and our executive committee, 30%.
Our women in tech strategy
It's a priority for us to improve gender diversity in the tech area of our business. There are seven key things we're working on all year round to achieve this:
Recruitment. Active sourcing means our hiring team is reaching out to women rather than relying only on direct applications. This means we now have a bigger pool of candidates to consider.
Onboarding. We have a dedicated onboarding programme for our engineers and are rolling out diversity and inclusion onboarding for leaders so they understand their role in contributing to gender equality.
Talent marketing. We have a 12-month programme of recruitment events dedicated to women in tech. We also run a 12-week programme where Monzo engineers mentor engineers from the Coding Black Females network. This programme is now in its fourth year.
Progression. We're arranging dedicated conversations between women in tech and our most senior tech leaders to discuss career progression.
Community. We're working with our employee diversity and inclusion networks to form committees with specific teams to work on issues that are important to them, like career development and social community. We're looking forward to launching our parents in tech group this year, too.
Inclusive leadership. Diversity and inclusion is a core part of our leadership principles, so it's now baked into our employee onboarding sessions. As part of our continued focus on raising the bar on management and leadership, we'll also be building out an inclusive leadership curriculum over the next year.
Social mobility. We're in the fourth year of our Customer Operations Engineering Sponsorship programme where colleagues in customer support roles go on an immersive software engineering course, with the opportunity to become full-time junior engineers once they've completed it. This has also been expanded to include a Data Sponsorship programme in 2025.
In other words, we're not done. We'll keep showing up every year, reporting honestly on where we are, and doing the hard work to close the gender pay gap – not just at Monzo, but across our industry.
Find out more about how we're improving gender representation in our latest Diversity and Inclusion report.
What the gender pay gap is and how we calculated the numbers in this report
The gender pay gap shows the difference in average pay between men and women across a whole company – not just people doing the same job.
It's different from equal pay (which the Equality Act covers). Equal pay means people doing the same job should get the same salary. The gender pay gap, on the other hand, shows what roles men and women hold across the company, and what those roles pay. It reveals when women earn less than men on average company-wide – usually because there are fewer women in senior or higher-paid roles.
The law requires companies with more than 250 employees to report their gender pay gap every year using a snapshot from 5 April.
The numbers in table 1 above show a snapshot of our employees’ pay on 5th April 2021, 2022, 2023, 2024 and 2025. You can see the average hourly rates we paid men and women on that date, and the percentage difference between them.
In table 2, we've also put everyone in the company into four groups (or quartiles) according to how much we pay them, and you can see the percentage of men and women in each pay quartile.