I can't say I've had the same experience working for start ups in London, in fact I've had the opposite - competitive pay (probably about 20% less than working in tier 1/2 banks but above market in industry), good benefits (incl. private health, gym etc.), fair work life balance (incl. holiday days and WFH policies) and rewarding work with intelligent colleagues. Non-EU/UK workers that I've worked with have the same experience as far as I can tell (perhaps even more positive, considering that some of them require visa sponsorships).