Women in fintech: Brought in but not bred
Gender differences and gender equality are sensitive but important topics, whether at home or at work. Women are far more visible in most industries compared to the 70s, 80s or 90s, depending on which part of the world we are aiming for.
The 70s in the US became the late 90s in developing countries like India, and the 90s in India is probably now in regions such as Saudi Arabia and similar nations. Finally, it boils down to changing statistics at different times and places. In this article, we will explore the current, new and changing dynamics of gender differences, the reasons behind them, and some impressive figures that explain and validate my observations – all within the fintech industry worldwide.
Women and fintech
The Fintech industry is growing rapidly and is witnessing more gender diversity taking on leadership roles. The industry looks absolutely diverse with people of color and many women working in the fintech area. However, it is rare to see women hold these roles in the fintech industry when it comes to leadership roles. According to the Findexable report from 2021, only 5.6% of female CEOs in fintech exist globally.
In North America, only 4.8% of the company’s founders are women, compared to 7.7% of female founders in Asia, 7.4% in Africa and 6.5% in Europe. The trend seems to be the one where women are likely to be brought in, but not brought up the ladder. However, the figures appear to be changing rapidly, reportedly showing an increase in female founders from 6% in 2010 to 30% in 2020. But let’s look at why the balance is still skewed and what is hindering women in achieving the top positions in their respective organizations.
Figures and bets
In the FDR1000 index, only 16 out of 1000 best performing fintechs were founded exclusively by women, while 911 were founded by men. Sixty-eight female CEOs are there, and for every female board member there are nine men on average.
A very successful woman in the blockchain [financial] The technology area, Kavita Gupta of the Delta Blockchain Fund, shared her views on the subject, saying: “I think the number of women in the blockchain area is going up, but when it comes to women owners, I think the number is still low. That’s not where I want it. should be or where it should be, and things change gradually, however.
Delta Blockchain Fund recently terminated its first agreement with a woman-owned company called Lumos Labs, and I’m very excited about that. “
Besides starting a business, access to finance is another stumbling block. The meager number of women who start their businesses are struggling to get sufficient funding to launch and run them. Unfortunately, only 1.3% of the total venture capital funding goes to women founders worldwide. Why? Because most investors tend to be men from similar regions or educational backgrounds, mainly men from countries like the US and Europe. So women-led businesses increase 54c [cents] compared to one US dollar collected by his male counterparts.
Without making it an ethical issue, the need is to identify the factors responsible for this unnecessary gap between men and women in today’s modern times. The report conducted extensive interviews with fintech women leaders and organizations such as Findex, UNCDF, Women’s World Banking, 60 Decibels, and Tameo explored the statistics in detail to understand where and how this industry can offer a fair and equitable opportunity and the right tools to women.
According to SoGal Ventures, a women-focused fund based in Beijing, China, “Diversity and inclusion are not just the right thing to do, they have good financial and business results and results. Sometimes we do not link financial success to a company with a diverse But there is a lot of data out there that definitely connects them. “
Is technology just for “Bros”?
“Crypto still has a picture it’s all about”cryptobros. » Gupta replied.
Asked if fintech is biased against men in general, CoinGeeks Stephanie Tower said: “If you look closely at any technology-driven and centered industry, it is always male-dominated. I’m not saying there’s anything wrong with that, but I’m feeling relieved. to know that there are more women who get involved as early as in the infant stage of companies and startups that build something valuable in technology, and many of them are decision makers who move things faster and more efficiently – than how things were in a male and sometimes ego-centric world past. “
“As a woman, it is empowering for me to be able to have a point of view, a voice and to drive positive changes and developments that can drive the industry further beyond mainstream adoption,” she continued.
For centuries, men have led many emerging industries and maintained them, but if only groups considered adding women to their core teams as early as they could, they would realize how much more can be done and how faster things can be built, Tower said.
“Believe it or not, women make many necessary things happen at any given time, and we do well and sometimes even better if not the same,” she stressed.
Diddy Wheldon, one of the founders of Women of BSV, told CoinGeek:
“Women have a fantastic vision, and if we can work with the right developers, we can bring many of these ideas to the table. For example, Dr. Eva Porras currently has two articles on Bitcoin – Bitcoin and ethics in a technological society, and a decentralized blockchain for autobiographical memory in cognitive robotics.
According to Wheldon, the roles that the women in BSV will play in the blockchain [fintech] is education, recruitment, graphic UI / UX design, art-focused projects, physical meetings, more journalism, shows and eventually more developers. She said there is a shortage of female developers in the area, and if Women of BSV can help in these areas to support more women, “then this is what we want to focus on.”
Wheldon appreciates Calvin Ayre from Ayre Ventures, noting:
“I see more women writing, educating and bringing these observations to a wider audience. I think Calvin Ayre has done a fantastic job of keeping women at the forefront of the industry when it comes to journalism and getting the right message out to people in a so professional and coherent way.
“The irresponsible behavior of people like Max Keizer is short-lived when it comes to momentum. There’s just so much screaming you can do on a stage; serious business will win in the end.”
Wheldon added that music is another strongly male-dominated industry. For example, only 2% of women are producers, while 98% are men. So it is not just the blockchain industry that has the low numbers.
According to a grayscale survey, 43% of the stakeholders in BTC were women – a figure that is far better than in 2017, which indicates the increasing number and that women are gaining a lot of ground. Wheldon pointed out that only 5% of these 43% are investors, founders and developers, so she would like to see the number improve. And we happily agree with her.
“AI is definitely an industry I hope more women will be involved in, we seem to have a strongly skewed male-dominated view at the moment,” she added.
Are women only hired for glamor?
“I do not think it’s just a glamor thing, but I think it will separate the serious players from the paid celebrities, unless the female [and male] players invest in educating themselves about what they sell to the people, and how blockchain technology actually works, ”Wheldon stressed.
In this view, Tower never perceived the digital currency world as “a glamorous space.” Instead, she sees it as more of a commitment to change the world for the better that involves hard work, testing, getting people’s purchases, mistakes and trying until it’s done.
“I am aware that there are some groups in the blockchain industry who want to make things exclusive, and will try to isolate others from entering this space. But ultimately, like any industry, it is women who drive things forward. “In fact, women’s decisions at home, such as choosing what to buy for their households, may seem minimal, but it alone drives economic growth at the national level,” Tower pointed out.
Has the pandemic reduced or increased the presence of female leaders and founders in fintech? Are investors becoming more supportive of women-led companies? Do the authorities and the private sector allocate funds specifically to women entrepreneurs in the fintech industry? Is BSV best suited for ambitious female professionals in the blockchain area? Watch. We will discover what is being done and what more needs to be done to bridge this gap in the next series of Women in fintech.
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