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By Laura Rofe, Director Partner Development at PPRO
Fintech has experienced significant growth in recent years, emerging as a major driver of innovation and change. However, this growth has been accompanied by a concerning trend: the industry is still heavily male-dominated. Despite recent progress, the lack of female representation is still a significant issue, both in terms of workforce diversity and user base representation. According to a recent study by Women in Fintech, less than 30% of the fintech workforce is female, and only 17% of senior roles are held by women. Shockingly, only about 5% of fintech founders are women. This is attributed to issues related to funding, as a Harvard Business Review case study found that female-led businesses are less likely to receive funding than their male counterparts. Although these statistics are not surprising, as they have been circulating for years, they paint a stark picture of a sector struggling to provide equal opportunities to women. Therefore, to find an effective solution to this issue, it is crucial to not only delve deeper into the underlying contributing factors but, more importantly, take meaningful action by implementing processes and plans that can bring about real change.
The reasons behind this imbalance are complex and multifaceted, with issues ranging from traditional gender biases to insufficient resources and support for women in fintech. While the most crucial factor in tackling this issue lies in providing a quality education that encourages and supports women to participate in fintech, it is important to note that this effort is not exclusively for women alone. To address the gender imbalance in the fintech industry, a concerted effort from all stakeholders is required. Educating across the industry is necessary to change mindsets and create awareness about the need for gender equality. By doing so, we can create a more inclusive and diverse industry that reflects the needs and interests of all its users.
As we celebrated International Women’s Day last week, a day dedicated to honouring women’s achievements globally as well as reflecting on the work that still remains to be done, this article aims to provide a comprehensive guide for engaging with diversity and inclusion within the fintech industry, no matter whether you’re a woman already in the industry looking to progress in your fintech career or a complete newbie.
International Women’s Day marks an important time to reflect on the strides made towards establishing a more inclusive future that benefits everyone. In industries predominantly dominated by men, it is essential for both men and women within the industry to equip themselves with the necessary skills and understanding to navigate these sectors and bring about significant change. Through belonging to supportive communities and exchanging knowledge and experiences, we can strengthen ourselves and others, and this curated list of resources will get you one step close to achieving just that.
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