Thursday 20 June 2019 12:01 pm

London tech wages lag behind US despite fintech boom


Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

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Salaries for London tech workers are lagging far behind their US rivals, despite the capital’s status as a leading hub for fintech firms.

The average salary for London tech workers is £62,000, up six per cent on last year, according to figures from employment firm Hired.

Read more: Five fintech firms scoop combined £25m from RBS competition fund

While this is 67 per cent higher than the average salary in the capital, the wages remain a long way behind pay in the US, which is the most lucrative location for tech workers.

In the tech hub of San Francisco, employees make on average $145,000 (£114,000), followed by $138,000 in Seattle and $133,000 in New York.

Moreover, pay cheques are rising faster in other cities, with workers in Toronto and Boston making nine per cent more than last year.

“Our unique window into the key salary trends shaping the career landscape for tech talent enables us to empower tech workers to gain better visibility and transparency into the compensation available in their industry,” said Hired chief executive Mahul Patel.

“We hope this report will make it easier for job seekers to understand their market value, create an equitable future and help them to find a job they love with a salary they deserve.”  

Read more: Augmentum Fintech to double in size as it seeks £150m fundraise

The gulf in pay comes despite the rise of London as one of the world’s top tech hubs. London is now set to overtake San Francisco to clinch the title of world leader in fintech unicorns.

The report revealed only half of tech workers in the capital believe they are paid fairly given the city’s high cost of living, while the majority currently choose to rent rather than buy a home.

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