Embracing the Power of Partnerships: Transforming Fintech and Payments
The fintech landscape is evolving at an unprecedented pace, and one of the most compelling insights from TechCrunch Disrupt 2023 is that embracing partnerships is essential for driving transformation in this dynamic industry. This message resonated strongly during the ‘Women in Fintech: The Power of Partnership’ breakout session, where female leaders shared their experiences and strategies for success. Sponsored by Discover® Global Network, this session highlighted the importance of collaboration and inclusivity in the fintech and payments ecosystem.
A Gathering of Innovators
TechCrunch Disrupt 2023, held in San Francisco this September, was a melting pot of fintech innovation, collaboration, and visionary leadership. The event attracted over 12,000 participants from around the globe, all eager to explore the future of finance. Among the standout sessions was the one dedicated to women in fintech, which focused on the transformative potential of partnerships in the payments ecosystem.
The Panelists: Trailblazers in Fintech
The session was led by Miladys Felix, senior principal sales executive at Discover Global Network, and featured two remarkable panelists: Lacey Frenzl, vice president of customer experience at ISVPay, and Fonta Gilliam, CEO of Welthi. Each brought unique perspectives and experiences that underscored the challenges and opportunities for women in fintech.
Gilliam, who transitioned from a career as an American diplomat to founding Welthi, shared her journey of making banking apps more accessible. Her experience working with foreign banks and governments exposed her to the concept of social finance, which became the foundation for her innovative approach to fintech. “I got really fascinated by it,” she explained, emphasizing the need to integrate social saving concepts with cutting-edge fintech solutions.
Frenzl, on the other hand, focused on the role of independent software vendors (ISVs) in the payments landscape. She highlighted how ISVPay helps these vendors expand their offerings while creating additional revenue streams. “We’re about the solutions and take a very consultative approach,” she noted, emphasizing the importance of understanding the unique needs of ISVs.
Navigating Challenges and Building Confidence
The panel also tackled the unique challenges faced by women in fintech, calling for greater inclusivity and support within the industry. The leaders shared practical advice for aspiring women, stressing the importance of male advocacy and the need to seize opportunities to build confidence. Their candid discussion illuminated the barriers that still exist, but also the pathways to overcoming them.
The Transformative Power of Partnerships
One of the key themes that emerged from the discussion was the undeniable power of partnerships in fintech. A recent study, the Fintech State of the Union by 451 Research in collaboration with Discover Global Network, revealed that a staggering 98% of fintechs are actively seeking partnership opportunities, particularly with payments networks. This statistic underscores the growing recognition that collaboration can drive innovation and growth.
Gilliam emphasized that her journey in fintech would not have been possible without establishing a robust partner ecosystem. “I had to focus on partnerships, finding likeminded people in companies that were very serious about economic empowerment,” she said. This sentiment was echoed by Frenzl, who pointed out the differences between productization and commercialization. “Larger organizations excel at productizing, but smaller firms can pinpoint emerging markets that may not be competitive yet,” she explained.
Real-World Applications and Success Stories
The session provided valuable insights into how companies like ISVPay and Welthi are actively pursuing innovative solutions within the payments ecosystem. By leveraging partnerships, they are not only enhancing their product offerings but also creating a more inclusive financial landscape. Felix, reflecting on the panel, noted, “This was a great opportunity to showcase women leaders who are making an impact in the fintech and payments ecosystem.”
A Broader Context of Innovation
Beyond the ‘Women in Fintech’ session, TechCrunch Disrupt 2023 was filled with compelling discussions on various topics, including AI, SaaS, fintech security, and sustainability. The event featured notable figures such as Shaquille O’Neal and Kevin Systrom, further emphasizing the diverse range of innovation within the fintech space.
As the fintech industry continues to evolve, the insights shared by these female leaders at TechCrunch Disrupt 2023 serve as a powerful reminder of the importance of partnerships and inclusivity. Their experiences and advice not only inspire the next generation of women in fintech but also highlight the collaborative spirit that is essential for driving meaningful change in the payments ecosystem.