Square Mile and me: Octopus Money CEO Ruth Handcock
Octopus Money CEO Ruth Handock tells us about cocktails, 10-hour job interviews and why we need more women in the City
What was your first job?
Washing neighbours cars inside and out for a pound at the age of 12. Followed by two years at Sainsbury’s on the checkout during sixth form. But both have been trumped by a University summer working the night shift in a salad chopping factory.
What was your first role in the City/business world?
My first job was editing a pharmaceutical journal in my quest to become a science writer (but one with a big student loan to pay back). After 18 months I swapped that out to work for a founder-led business helping public and third sector organisations in London give grants to the right people and places. It also gave me the opportunity to work on the London 2012 Olympic bid, which was a highlight.
When did you know you wanted to build a career in business/the City?
I knew I enjoyed entrepreneurial organisations when I first started to work for founders in my 20s but I don’t think I had the confidence to assume I could lead businesses until much later. It was always the chance to fill big market gaps that excited me more than the job title, whether that was building a bank that did a better job for its customers, or getting 92 per cent of the population locked out of wealth management access to help with their money.
What’s one thing you love about Canada?
The fintech scene is immense. When I was working with a team starting a bank I realised just how vibrant the start-up scene is and how supportive founders are of each other. In those early challenger banking days we’d help each other figure out how to get a banking license rather than keeping it all to ourselves.
And one thing you would change?
More women! My last ten years in financial services have been a bit male heavy at times. Boards have come a long way but senior exec diversity (on more axes than just gender) is still terrible. I’ve been lucky enough to help sponsor Stratos, a female exec programme championed by Amanda Blanc and Nishma Gosrani, and it gives me hope we can change things over time.
What’s been your most memorable job interview?
Joining Tandem (the bank I joined as first employee) involved 10 hours of interviews with the founder. He believed in a technique that takes you through every aspect of your life in immense detail so by the end you’re deeply understood as a person. Most memorably he conducted one session with a phone balanced on the handlebars of his moped in Bali.
And any business faux pas?
Normally getting names completely wrong. I introduced Jenny as Julie to a massive room of people just the other day, and that’s the latest in a long line of name blindness.
What’s been your proudest moment?
Probably getting a banking license for a new bank – only the second new retail license in about 100 years. I’d written, re-written and proofread every single page of the license application to the extent I’d dream about page cross references. I’ll never forget running round London at the last minute to find someone with a CD burner when I realised we had to submit a digital version without using email.
And who do you look up to?
At home, my Mum, who brought me and my brother up on her own, without much money and working full time. Even at 80, she’s unstoppable. My husband who first made me believe in myself enough to step up and lead. And the entrepreneurs who’ve trusted me over the years – John Griffiths, Charlie Osmond, Caroline Plumb, Kate Gross, Ricky Knox, Matt Cooper, Simon Rogerson.
Are you optimistic for the year ahead?
For my business – yes! We’ve proved that we can profitably get people help with their money even when they’re not wealthy. Everyone said it wasn’t possible. But that gets us access to a market of 92 per cent of the population that’s currently unserved.
We’re going for lunch, and you’re picking – where are we going?
Los Mochis – I’ve been to their Notting Hill original a few times and enjoyed the Mexican/ Japanese mash up. So I was excited to see them open a city branch near Liverpool Street.
And if we’re grabbing a drink after work?
I ran a finance team at Bacardi and mixology lessons are essential training for all staff. I’ve been a cocktail devotee ever since. So I love a cocktail with a view – OXO tower always brings back memories of pre-kid days of drinking freedom.
Where’s home during the week?
Beaconsfield in Buckinghamshire – we left London after 15 happy years in search of a garden, a walk to school and an easy commute. And found all three.
And where might we find you at the weekend?
During Covid I persuaded a couple of friends to join me on 7:30am runs on a Saturday and run club lives on. So you’ll always find me in fields in the Chilterns either muddy or stung by nettles, depending on the season. Then driving small people to sporting activities and birthday parties
You’ve got a well-deserved two weeks off. Where are you going and who with?
Every summer my kids, husband and I interrail around Europe. So maybe more of that. Or I’d head to Sierra Leone (where I lived for a year) to visit my good friend Suleiman and hang out on the white sand beaches eating fresh fish all day.
Quickfire
- Favourite book
The mini-biography I forced my Mum to have written about as a Christmas present last year. Everyone’s story is worth telling
- Favourite film
Greatest Showman, which we saw on stage in London recently and the kids were mesmerised
- Favourite artist/musician
Someone that conjures happy memories – most recently introducing my daughter to Joni Mitchell
- Favourite place in London
Running over Millennium bridge towards St Paul’s in the early morning
- Cocktail order
Amaretto and bourbon sour
- Coffee order
Double shot flat white