Staff at a hard driving UK fintech are in the office more, driving to work less
It's all about being profitable in fintech these days, and one firm that was very early to the party is digibank OakNorth, which just announced profitability for the eighth straight year. It's punching above its weight with a low headcount compared to rivals, but it has been hiring staff and having them spend more time in the office.
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In OakNorth's 2024 annual report, the fintech revealed it had grown its headcount from 228 to 278 over 2024. 'Wages and salaries' per head fell marginally to £143.8k ($186k) in that period, but compensation at OakNorth is still more than double the average pay found at rivals like Starling Bank and Monzo.
In spite of the headcount increase, the report showed that the amount of CO2 the firm emitted as a result of employee commuting decreased by more than 30% from 2023 to 2024. While that might suggest employees are spending less time in the office, an OakNorth spokesperson suggested the opposite was true.
"As more employees return to the office more days of the week, we will continue to monitor [commute emissions] and seek ways to further reduce our carbon footprint," the spokesperson told eFinancialCareers. The firm operates a cycle to work scheme and electric car salary sacrifice program, which have contributed to the emission decrease. The spokesperson also says "some employees have moved and are walking, cycling, or using public transport more vs driving."
OakNorth has said in the past that it encourages staff to spend three days in the office per week but does not enforce office hours. Glassdoor reviews for the firm claim that some employees spend two days in the office per week.
Rival fintechs in London are very mixed on the subject of hybrid work. Starling Bank is mandating that staff spend 50% of their time in the office, while Checkout.com and Marshmallow have asked staff to come in three days per week. Revolut, meanwhile, is more pro-remote, caring more about what an employee does than where they do it.
Life at OakNorth isn't easy regardless of where you're working. The firm is well known for having a tough working culture with high expectations. This doesn't appear to be changing; Glassdoor reviews for OakNorth in 2025 say that working there can be "hectic" with "no time limit for working hours."
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