Women in Fintech: Breaking Barriers and Building Futures

The fintech industry is rapidly evolving, yet it remains a male-dominated space. Despite the significant strides made in recent years, women still face numerous challenges in entering and thriving within this sector. To shed light on this issue, we turn to insights from prominent female leaders in fintech, including Elena Novokreshchenova, Jennifer Morris, Marieke Flament, Christine Bamford, Bryony Widdup, and Brittany Atkins.

The Gender Gap in Fintech

Elena Novokreshchenova, Vice President of International at Remitly, highlights a stark statistic: in 2019, only about 10% of A-level computing students were female. This disparity limits the talent pool available for fintech roles. "Sometimes we sit there trying to hire women, but we just don’t get any applications," she notes, emphasizing the need for a more inclusive educational environment.

Jennifer Morris, FinTech Lead at Accenture, adds that fintech merges two traditionally non-diverse industries: finance and technology. This lack of diversity creates barriers for women who might otherwise consider a career in fintech.

Marieke Flament, Chief Executive of Mettle, points out that the absence of role models can deter potential candidates. "If they can’t talk to someone who is like them, they might feel out of place," she explains. This perception can discourage women from pursuing careers in fintech.

Attracting Female Talent

To attract more women into fintech, Christine Bamford, CEO and Co-founder of Women’s Coin, suggests focusing on the human aspect of finance. "Fintech is about innovation and serving our population," she states. Many individuals distrust traditional banks and seek more relatable financial solutions. By emphasizing this human connection, fintech can appeal to young women who are passionate about making a difference.

Elena agrees, noting that the social impact of fintech is a significant draw for women. "For women, that’s a very big attraction," she asserts. Jennifer adds that sharing stories about fintech’s positive contributions to financial health can help attract diverse candidates.

Skills Development and Training

The conversation shifts to the importance of skills development. Marieke emphasizes that coding and technical skills can be taught on the job. "Training internally is super important," she says. Her team engages in weekly training sessions to build confidence in coding, demonstrating that a willingness to learn can outweigh prior experience.

Elena echoes this sentiment, stating that hiring for attitude and the ability to learn is crucial. "We often hire for the right attitude rather than just experience," she explains.

The Role of Sponsorship and Mentoring

Bryony Widdup, a partner at DLA Piper, underscores the value of sponsorship in career advancement. "There are points in one’s career where someone more senior needs to put their reputation on the line for you," she notes. Often, this support comes from male colleagues, highlighting the need for more male allies in promoting gender diversity.

Christine emphasizes the importance of role models, urging women leaders to mentor others. "Remember how hard it was to get to where you are and help make that journey a little easier for others," she advises.

Increasing Gender Diversity in Fintech Organizations

Brittany Atkins, Business Development Strategist at Hotwire and founder of The F in Fintech, stresses that diversity must be ingrained in a company’s values from the outset. "If I see a company that’s a boys’ club, I’m not going to apply," she asserts.

Jennifer suggests that organizations should encourage employees to consider different perspectives, particularly those of women in the industry. "Challenging ourselves to think about what it’s like to be different can spur action," she explains.

Marieke points out that biased language in job descriptions can deter women from applying. "Using tools to screen job descriptions for biased words is essential," she advises. She also notes that a lack of female interviewers can create an unwelcoming atmosphere for potential candidates.

The Challenge of Female-Led Fintechs

Despite progress, female-led fintechs remain scarce. Bryony attributes this to historical barriers, noting that women in the UK couldn’t secure mortgages independently until the 1970s. This cultural legacy contributes to a lack of confidence in women’s financial management abilities.

Elena highlights the challenges women face in venture capital fundraising, which often relies on networking. "Women have families and other responsibilities, making it difficult to engage in traditional networking," she explains. Brittany adds that evening networking events can feel unsafe or unwelcoming for women, suggesting a shift towards morning events to create a more inclusive environment.

The Venture Capital Landscape

With only 3% of the $1.7 billion in UK fintech venture capital going to female-founded firms, the question arises: why is this the case? Elena points to the networking aspect of fundraising, which can be particularly challenging for women. Brittany notes that the lack of female decision-makers in venture capital mirrors the issues faced by fintechs.

However, Bryony acknowledges the emergence of female-led venture capital firms and those with policies promoting diversity. "There are VCs with requirements for female involvement in their projects," she states, indicating a shift towards more inclusive investment practices.

Rethinking Pitching and Investment

The traditional pitching model can be intimidating, especially for women. Bryony describes it as "battle-like," suggesting that a variety of pitching styles should be encouraged to accommodate different personalities.

Jennifer proposes that investors rethink their engagement strategies, perhaps by spending a "day in the life" with female founders to better understand their challenges and aspirations. Christine encourages female founders to explore alternative funding avenues, such as family firms or crowdfunding, rather than conforming to traditional VC expectations.

The insights shared by these influential women in fintech highlight the ongoing challenges and opportunities within the industry. By fostering a more inclusive environment, promoting mentorship, and rethinking traditional practices, the fintech sector can pave the way for a more diverse and equitable future.