Women in Fintech: Pioneering Change in a Male-Dominated Industry

Fintech is often hailed as a brave new world of creativity and exploration, yet a glance at the leadership boards of many leading institutions reveals a stark reality. According to a 2018 LendIt survey, only 37% of fintech employees are female, with representation plummeting to just 19% at the C-suite level. While the number of women in fintech is gradually increasing, systemic barriers continue to obstruct gender diversity and hinder women’s ascent to leadership roles.

The Value of Gender Diversity

Despite the challenges, the evidence supporting the value women bring to businesses is compelling. The Credit Suisse Research Institute found that companies with at least one woman on the board perform 26% better than those with male-only boards. Additionally, Forbes reports that female entrepreneurs generate 20% more revenue than their male counterparts, even though they receive 50% less venture capital funding. These statistics underscore the urgent need for greater gender diversity in fintech.

Anne Boden: Breaking Barriers at Starling Bank

Anne Boden, the founder of Starling Bank in the UK, embodies the spirit of innovation in fintech. Her fascination with technology began at a young age, ignited by a reel-to-reel tape recorder gifted by her father. After a 30-year career in traditional banking, Boden established Starling Bank in 2014, driven by a desire to disrupt an industry that had failed to learn from the 2008 financial crisis.

Boden takes pride in the gender diversity at Starling, where 42% of the executive team and 40% of board members are women. However, she acknowledges that the male-dominated environment she initially encountered remains largely unchanged. “Women don’t see themselves in an industry that’s full of men, so why would they want to join it?” she questions. Her journey has been marked by challenges, including securing funding in Silicon Valley, where investors often favored a narrow stereotype of a founder. Yet, these obstacles only fueled her determination to prove that women can thrive in fintech.

Anna Maj: A Warrior in the Financial Technology Battlefield

Anna Maj, a prominent figure in the World Business Angel Investment Forum, has been a woman in fintech long before the term gained traction. Joining Citigroup at the dawn of the internet banking era, she quickly recognized the gender disparities in her field. Often the only woman in meetings, Maj faced the “glass cliff,” where women are held to higher standards and pushed out if they fail to deliver.

Her experiences have shaped her into a formidable advocate for diversity. Maj holds multiple roles, including senior lecturer and jury member at the European Innovation Council, and has been recognized in the Women in FinTech Powerlist. She emphasizes the need for a collective effort to support diversity across all demographics, stating, “Women for women only doesn’t make sense in the long run.”

Kahina van Dyke: Embracing Femininity in Leadership

Kahina van Dyke, currently with Standard Chartered in Singapore, was raised in a family that championed social justice. Her career began at Citigroup, where she quickly noticed the diminishing diversity as she advanced. Van Dyke adopted a unique approach to assert her presence in male-dominated boardrooms, often greeting her colleagues with “Good morning, gentlemen.”

Her journey has been marked by a commitment to outperform her male counterparts while navigating the challenges of motherhood. Despite facing questions about her family responsibilities—questions rarely posed to her male colleagues—van Dyke remains optimistic about the future of fintech. “In ten years, our C-suites are not going to look the same,” she predicts, emphasizing the need for new leadership models that embrace diversity.

Cristina Junqueira: Redefining Banking with Nubank

Cristina Junqueira co-founded Nubank, a groundbreaking digital bank in Brazil that achieved a tenfold-unicorn valuation in 2018. With a background in industrial engineering and a passion for transparency in financial services, Junqueira left a traditional banking career to disrupt the status quo.

At Nubank, she has fostered a culture of inclusivity, with 43% of the workforce being female, including many in leadership roles. Junqueira believes that the flexibility and creativity inherent in fintech make it a more supportive environment for women. She advocates for initiatives like “Yes, She Codes,” aimed at increasing female representation in tech roles. “If we only have a small group of people who look alike and think alike creating the financial services of the future, it’s likely those products will only fit the needs of people similar to them,” she warns.

The Path Forward

The stories of these four pioneering women highlight both the challenges and opportunities within the fintech sector. While systemic barriers persist, the increasing visibility of female leaders is paving the way for future generations. As the industry evolves, the call for greater gender diversity and inclusivity becomes ever more urgent, promising a more equitable and innovative future for all.