At Funding Circle, we want our company to be as diverse as the small businesses and investors we serve, who are the heart of what we do.
This is what drives innovation and allows us to deliver a best in class customer and employee experience.
Our people are our business; they are what makes the business stronger every day. The exceptional experience we aim to deliver to our customers is the product of the smart, talented, hardworking and diverse group of Circlers we have working here. We recognise the power and value in building a diverse team, where people's skills and personalities complement each other and reflect the customers we are here to help. Different perspectives lead to better outcomes and we see the positive impact of this in our teams every day.
Funding Circle is proud of the inclusive culture it has built and is committed to being the best FinTech company to work for in the world.
Funding Circle UK Gender Pay Gap Report 2022
This report includes information relating to Funding Circle UK. The data uses the 5 April snapshot date each year in line with the government’s reporting requirements. The gender pay gap is the difference between men’s and women’s earnings expressed as a percentage of men’s earnings. The bonus pay gap is the difference between men’s and women’s bonuses over the year expressed as a percentage of men’s bonuses.
Gender Pay Gap - hourly pay
Gender Pay Gap - bonuses
Our initiatives to improve gender diversity have progressed since 2017. Our median gender pay gap has reduced to +30.5% from +36.0% over that period, with the mean also reducing from 24.0% to 22.4%. However, between 2021 and 2022 we meaningfully increased the size of our Technology teams relative to the rest of the business. This raised our gender pay gap and bonus pay gap as, while we try to hire a gender balanced workforce as much as possible, women remain under-represented in the broader technology sector. As a smaller business, hiring changes can cause short-term volatility in our gender pay gap, and we remain confident the changes and actions we are taking are reducing the gap over the medium term.
We are addressing these market-wide challenges by focusing our efforts on hiring women into technology roles. We have been successful with recruiting female junior software engineers, with the aim of providing training and support to advance their careers within the business. While this has impacted average female pay in the short-term given the junior nature of these roles, over time we believe this strong pipeline of internal talent will help reduce our overall gap.
Our bonus gender pay gap has significantly improved over the years, with the mean reducing from 60% in 2017 to 25.7% in 2022 and the median from 50% to 34%. We also continue to make good progress towards our 2025 target of 40% of senior leadership positions held by women (see below for more detail).
The increase in women in senior leadership roles has increased the percentage of women in the upper pay quartile, although the relative growth in the size of our Technology team has also increased the percentage of women in the lower two quartiles.
Proportion of men and women in each pay quartile
All Gender Pay Gap reports
| Date | 04/04/2023 |
|---|---|
| Title | Gender Pay Gap report 2022 |
| Document | View |
| Date | 01/12/2021 |
| Title | Gender Pay Gap report 2021 |
| Document | View |
| Date | 01/12/2020 |
| Title | Gender Pay Gap report 2020 |
| Document | View |
| Date | 02/12/2019 |
| Title | Gender Pay Gap report 2019 |
| Document | View |
| Date | 03/12/2018 |
| Title | Gender Pay Gap report 2018 |
| Document | View |
HM Treasury Women in Finance Charter
Funding Circle UK is signed up to the government’s Women in Finance Charter, which is a commitment to support the progression of women into senior roles in the financial services sector.
We are pleased to report we have made good progress in 2022 towards our target of 40% of women in senior management positions.
In September 2020 our proportion of senior female representation was c.27%. As of September 2022 it was 34%, down slightly from 35% in September 2021. The main driver is the high growth of our technology team which has a lower proportion of women compared to other areas of the business.
We continue to focus on developing and growing our internal female technology talent. We believe this commitment is key to driving long-term change across the industry given the historical under-representation of women in this area.
We therefore believe that we will meet and / or exceed our target by 2025.
