Major marketplace from the United Kingdom, OnBuy, announced that it will reward its entire workforce with over 1 million euros in share options this month. The news follows the announcement of an anticipated IPO and international expansion.
Popular British online marketplace OnBuy announced its plans to expand into over 140 countries earlier this year. In January, the company was valued at an estimated 200 million euros. Within the past 12 months, the marketplace recorded a 200 percent revenue growth.
Share options for employees
During Black Friday weekend, the company increased its gross merchandise value with a year on year growth of 25 percent. To reward its employees for their hard work that has helped the company grow so quickly after launching just four years ago, OnBuy will grant its workforce over 1 million euros in share options.
‘Employees will get share options equivalent to 25% of their annual income.’
Each employee will be rewarded with share options equivalent to around 25 percent of their annual income, which can be exercised during any liquidity event. OnBuy anticipates an IPO in the next two years, meaning that staff will benefit from these options sooner rather than later.
‘We do the right thing by our staff’
OnBuy says it is committed to being a fair partner to retailers, as it does not create its own product lines that compete with sellers. It has a flat fee structure, which it lowered with 85 percent on Black Friday so sellers could offer greater promotions without losing margin.
Cas Paton, CEO of OnBuy said: “At OnBuy, we do the right thing by our retailers and customers, so it’s natural that we would do the right thing by our staff too – and we don’t believe any employee should have to be in the boardroom to benefit from company growth.”
‘We are committed to creating a fair working environment for all.’
“Ecommerce is a fast-paced 24 hour business and many firms have been in the spotlight recently for poor working practices and in some cases, downright abuse of staff. Frankly this is unacceptable and at OnBuy, we are committed to creating a fair and transparent working environment for all.”
OnBuy has previously announced that it is on track to become the UK’s next tech unicorn. Recently, it got recognition in Deloitte’s Fast 50 as the fastest growing company in the South West and Wales. In the next coming months the company is planning to expand further internationally and launch a mobile app.