Chargebacks911: Pioneering Diversity and Inclusion in FinTech
Chargebacks911, the world’s leading chargeback technology platform, is making significant strides in promoting diversity and inclusion within the FinTech sector in 2024. As part of this initiative, the company is actively seeking to recruit new female mentors and mentees for its sister brand, Fi911’s LIFT: Empowering Women in Fintech micro-mentorship program. This program is designed to help women break into and excel in the finance, technology, and payments sectors.
The Current Landscape for Women in FinTech
Despite the progress made in recent years, challenges persist for women in FinTech. A study from Cambridge University reveals that women hold just 4% of CEO positions, 18% of executive committee roles, and a mere 7.7% of entrepreneurial positions within the industry. These statistics highlight the ongoing gender disparities that need to be addressed.
Monica Eaton’s Vision
Monica Eaton, Founder and CEO of Chargebacks911, emphasizes the importance of gender balance in the boardroom. She states, “While the industry drive for gender balance in the boardroom is playing out, we must also ensure that they reflect the diverse customers and societies that we serve.” Eaton acknowledges that while progress has been made, there is still much work to be done. The LIFT program was created to build on the momentum of diversity in FinTech and to provide women with the support they need to thrive.
The LIFT Program: A Unique Opportunity
The LIFT program is tailored for women in the finance, technology, and payments sectors. It empowers mentees to determine how and when they need support, allowing them to request no-cost video chats with elite women from various corners of the industry. These interactions provide specific insights and actionable takeaways that can significantly aid in career development.
The program was conceived not only for those climbing the corporate ladder but also for like-minded female entrepreneurs who wish to share their experiences and knowledge. Eaton explains, “It’s unsurprising that many young women are unable to see themselves as potential leaders in FinTech, so we facilitate one-on-one meetings with women who are industry leaders and entrepreneurs from organizations like The Access Group, NatWest, and Microsoft.”
Early Career Representation
While the statistics for women in top roles are concerning, there is a more encouraging picture at the entry and junior levels. According to a Financial Times analysis, women occupy 49% of entry-level roles and 44% of junior-level positions. However, this representation diminishes at higher levels, with only 40% of manager roles held by women and a stark disparity at the director level, where men outnumber women two to one. This trend underscores the barriers women face as they advance in their careers.
Eaton’s Advocacy for Women in FinTech
Monica Eaton, a self-made entrepreneur recognized as one of the Most Influential Women in Fintech for 2024 by American Banker, offers valuable advice for women entering and progressing in the industry. She is an active member of several organizations, including Women in Technology International and the American Business Women’s Association, which serve to empower women in the field.
Eaton notes, “As part of these groups, we’ve seen a lot of improvement in the last decade, but there is still a long way to go.” She emphasizes the need to encourage girls and young women to pursue STEM subjects, which are crucial for careers in FinTech, payments, and technology. Additionally, Eaton advocates for continued support to open doors for women throughout their careers.
Join the Movement
For those interested in becoming part of this transformative initiative, the LIFT program offers an opportunity to either request mentorship or become a mentor. By participating, individuals can contribute to a more inclusive and diverse FinTech landscape.
To learn more about the LIFT: Elevating Women in Fintech program, visit LIFT Mentorship.