It has been a rough year for many industries fighting a pandemic economy, but in the digital world of Payments and Fintech business is booming. Total investment is skyrocketing but what about your salary? Are You Earning The Industry Standard?
It has been yet another year of record setting growth for Fintech, as the industry maintains its steady 25% CAGR. The industry is proving adaptable too, with 75% of employers now interviewing and training staff remotely.
“The initial recoil of the tech talent market during lockdown was fleeting; demand sprung back sharply” says Robert Gray, head of Tech Recruitment For Headcount and Pentasia. Indeed with 61% of companies making zero redundancies and global investment continuing to rise, “the market is arguably more competitive than ever.”
Growth of Fintech
Fintech has seen a continued trend of exponential growth with total global investment doubling from $50.8bn in 2017 to an incredible $111.8bn a year later! 2020 has once again seen staggering levels of growth with numbers projected to hit a theoretical $250bn, a record for the industry. That’s a $114bn increase from 2019’s $135.7bn.
“There is continued high demand for industry experience and specialist skills” according to Headcount Senior Consultant, Lisa Gambino.
This is reflected in the finding of our 2021 Salary survey: whilst growth plans were lower by 35% in 2020, 47% of businesses plan to grow in 2021, a spark of hope for those looking to break into the industry.
“Whilst clearly there is cause for caution, many can take heart” according to Lisa. “There is a continued high demand for industry experience and specialist skills. In some areas, this demand will even continue to drive salary rises, and there are undoubtedly still plenty of opportunities for those seeking career progression. Going into 2021, fortune will likely favor the brave.”
Salaries haven’t suffered
And for those brave individuals there is good news salary wise in Fintech, whilst the pandemic did impact salaries it was scarcely significant, with our 2021 survey tracking an overall reduction in pay rates of less than 1%.
However, this slight decrease does mean that professionals can expect only modest increases at best to rates of pay this year. Some skills in particular will be in higher demand, such as in the product, commercial and tech departments.
Analysing data from 2020 for example a Product Owner earnt between £55K and £75K. In 2021, these figures remain the same.
CTO salaries however have increased significantly with 2020s average salary high for a CTO meeting this year’s average salary low. To put this in context, a CTO in 2020 could expect to earn between €105K and €120K, this range has shot up to €120K to €150K, with individuals in larger companies commanding up to €250K a year.
How much could I be earning?
If you want to know what you could earn take a read of our 2021 salary survey and check our latest jobs. Our salary survey uses all the latest data from our recruitment specialists to forecast the new industry standard for payments and fintech. Knowing your potential salary is one thing, getting it is another, for step by step advice on how to negotiate a pay rise please read on.