Fintech has a systemic gender diversity problem

Fintech has a systemic gender diversity problem

Just 1.5 per cent of global fintech firms are founded solely by women, and receive just one per cent of total fintech funding, a new study has found.

The Fintech Diversity Radar research, conducted by Findexable among over 1,000 private fintech companies, reveals women make up barely 11% of all board members and 19% of company executives.

The majority of women (26%) in the sector hold the titles of chief people officer or head of HR, followed by chief marketing officer and chief financial officer. Of all fintech CEOs globally, just 5.6% are women, while less than four percent of women globally hold the title of chief innovation or technology officer.

Simon Hardie, CEO and co-founder of findexable says: “Global prosperity is more evenly distributed than at any point in history, yet our data shows the massive imbalance between men and women in innovative financial services firms. Fintech is a key enabler in the digital economy and the sector plays an outsize role in reducing economic exclusion and powering digital transformation."

Findexable intends to convene a London Roundtable of global stakeholders in December to discuss the findings and build a global index to track and accelerate progress.

Monica Eaton-Cardone, founder and COO of Chargebacks 911, who co-sponsoered the research, says: “This report is a welcome addition to the growing body of evidence that things need to change in the technology industry. Although progress is being made, statistics citing that only 1.5% of Fintech companies are founded solely by women highlights deep, systemic problems. However, there are signs of hope in the progress being made in the Middle East and Africa, where significantly more women are present in boardrooms. In this report, findexable have given the industry another wake-up call, and now it’s down to all of us to listen.”

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