The Gender Gap in Fintech: A Call for Change
According to the International Monetary Fund, women occupy fewer than 10% of leadership roles as founders and executive board members in the fintech industry. This stark statistic highlights a significant challenge in achieving gender equality in a sector that is rapidly evolving and shaping the future of finance. However, a new wave of voices is emerging, advocating for inclusion and connection among women in fintech. Two influential figures leading this charge are Julie Armstrong, VP and Global Head of Verticalized Industry and Partnerships at Convera, and Nicole Casperson, founder of the Fintech Is Femme newsletter. Their insights shed light on the current state of women in fintech and the steps needed to bridge the gender gap.
Rewriting the Narrative for Women in Fintech
Nicole Casperson, who transitioned from reporting on fintech to creating her own platform, emphasizes the importance of reshaping the narrative surrounding women in the industry. Reflecting on her experiences as a reporter, she recalls often being the only woman in the room and witnessing the negative portrayal of women in business. “We’re fed a lot of negative headlines,” she notes, which can create a perception that women do not belong in fintech.
Casperson argues that creating equal opportunities for women entrepreneurs within the tech ecosystem is essential for fostering a supportive community. She believes that the constant barrage of negative statistics can discourage women from pursuing careers in fintech. “When they’re the only thing we’re fed all the time, it just imprints into our heads that we don’t belong,” she explains. To combat this, she dedicates her newsletter, Fintech Is Femme, to amplifying the stories of women who are making significant contributions to the industry.
The State of Women in Fintech Today
Julie Armstrong reflects on her two-decade career in fintech and acknowledges that while there are more women in the industry now than when she started, challenges remain. In the past, networking opportunities were limited, and she often found herself without female role models. “I didn’t have that immediate comradery on the desk,” she recalls, recounting a discouraging interaction with a male colleague who dismissed her request for guidance.
Armstrong’s experience motivated her to become an expert in various financial technologies. She encourages women to embrace opportunities, even if they don’t meet every qualification. “If you tick seven of the ten boxes, go for it! Because the other three you’re going to figure out,” she advises, emphasizing the importance of confidence and the willingness to step outside one’s comfort zone.
Forging Connections Through Fintech Is Femme
Casperson highlights the importance of community among women in fintech, asserting that today’s tight-knit networks can provide a competitive advantage. She actively promotes in-person engagement, hosting events and summits to foster connections. “I want to remind my Gen Z friends of that importance,” she says, urging younger generations to look beyond digital interactions.
Armstrong echoes this sentiment, advocating for personal introductions and networking. “You have got to be women supporting women,” she insists, sharing her commitment to connecting women who might not otherwise meet. This approach not only builds relationships but also creates a culture of mentorship and support.
Female Founders Take Center Stage
Despite the growing presence of women in fintech, the number of female founders remains alarmingly low, with only about 7% globally and 13.2% in the U.S. Casperson is working to change this narrative through her forthcoming book, Fintech Feminists, which will showcase success stories of female founders. She believes that the focus on personal finance and education is crucial for empowering women in the industry.
Casperson notes that interest in financial literacy has surged among Millennials and Gen Z, driven by more relatable content on social media. This shift presents an opportunity to engage younger audiences and inspire the next generation of female leaders in fintech.
Building a Network of Mentorship for Women in Finance
Armstrong recalls attending a Women of Wall Street conference where the sheer number of female attendees was inspiring. She shares a valuable piece of advice she heard: “You can have it all. You just can’t have it all at the same time.” This perspective emphasizes the importance of prioritization in achieving personal and professional goals.
Armstrong’s involvement in a group of female leaders called the Constellations has been transformative for her career. She highlights the significance of having a supportive network, especially when traditional mentorship avenues may not be as accessible. “It was the connective tissue I needed,” she reflects, underscoring the importance of community in navigating the challenges of the industry.
The Path Forward: Policy Changes and Systemic Restructuring
To close the gender gap in fintech, organizations like Ernst and Young are advocating for more support and funding for female founders, as well as creating inclusive work environments. Casperson emphasizes the need for policy changes to drive real change, suggesting that businesses should be held accountable for fair pay and better parental leave policies. “Let’s start questioning how our systems are structured instead of spending all this time telling women to change,” she asserts.
The insights shared by Armstrong and Casperson highlight the urgent need for a cultural shift within the fintech industry. By amplifying women’s voices, fostering connections, and advocating for systemic changes, the industry can move closer to achieving gender equality and creating an environment where all individuals can thrive.
For those interested in exploring the evolving landscape of fintech and the role of women within it, resources like the Converge podcast and the Daily Market Update offer valuable insights and updates on the latest trends and developments in the field.