Average Pay for Fintech Software Engineers Tops $100k

canstockphoto0873636The average salary for a fintech software engineer is now more than $100,000, according to a Bank Innovation analysis.

The exact average salary for a software engineer — a bread-and-butter position for a technology startup — is $100,188. With all the talk of an “overheating” fintech venture capital market, keeping an eye on salaries is important for indications that free-flowing VC money is driving up expenses.

Bank Innovation‘s investigation is based on a sampling of Glassdoor salary data for 12 of the “Top 50 Fintech Innovators” today, a recent ranking of startups by Australasian Wealth Investments and KPMG Australia. The companies included in our analysis are: Prosper, Square, Kabbage, Stripe, Yodlee, Motif Investing, Credit Karma, Lending Club, LearnVest, OnDeck, Klarna, and Wonga.

Prosper, which just raised $165 million on a $1.9 billion valuation, appears to pay its software engineers the most among the peer group: $132,290 per annum. Square is second in the group at $123,753. Rounding out the Top 3 is Kabbage, offering its software engineers a yearly salary of $118,000.

The analysis implied that software engineers are paid less in Europe than in the US. The two lowest software-engineer salaries are paid by Wonga and Klarna, both European startups. Wonga, a UK company, pays just $55,719 to its software engineers, least in the peer group. Klarna, the other European-based startup — in Sweden, specifically — pays $69,169. Without those two salaries, the average paid to software engineers by US companies is $107,737.

Below is the exact average salaries for software engineer within Bank Innovation’s sample group:

Rank Company Software Engineer/Developer
1 Prosper $132,290
2 Square $123,753
3 Kabbage $118,000
4 Stripe $108,613
5 Yodlee $106,442
6 Motif Investing $104,848
7 Credit Karma $102,051
8 Lending Club $97,597
9 LearnVest $97,365
10 OnDeck $86,410
11 Klarna $69,169
12 Wonga $55,719

Source: Bank Innovation/Glassdoor

We tried to determine how many jobs are available among top fintech companies, but that was more difficult to calculate. Suffice it to say, among a smaller cohort of top 50 fintech startups, fintech startups have an average of 39 open positions. Square lists 88 job openings; OnDeck Capital has 68. At the other end of the spectrum, Lending Club promotes just five job openings.

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