Women Are Underrepresented Globally in Fintech, Findexable report

Findexable’s report examined the role that women play – or, rather, don’t play – in global fintech, and how the industry can build more balanced and inclusive businesses that are fit for the future.

New research by findexable shows that 1.5% (16) of 1,032 best-funded private fintech firms globally are founded solely by women and receive just 1% of total fintech venture funding.

Women in Fintech

The study used data from over one thousand privately owned fintech firms and 36 in-depth interviews with founders and senior executives from large financial service providers. Insights were also drawn from a survey of 250 employees working across the financial services landscape.

The Fintech Diversity Radar research reveals women make up 11% of all board members and 19% of company executives. The majority of women (26%) in the sector are Chief People Officer or Head of HR, followed by Chief Marketing Officer and Chief Financial Officer. Of all fintech CEOs globally, 5.6% are women – less than 4% of women globally hold the title of Chief Innovation or Technology Officer.

Denise Gee, co-founder of findexable says: “While the research paints a disappointing picture of fintech’s performance at building an industry that reflects the real world, this research should be viewed as a line in the sand.”

In terms of regional dynamics, women do well in different roles. Asia has the highest proportion of female founders at 7.8%, followed closely by Africa at 7.4% – this compares to North America at 4.8% and Europe at 6.5%. Africa has the highest proportion of female board members at nearly 15% Africa and the Middle East are the leading regions for the proportion of female CEOs. North America has the highest proportion of executive team members and female CEOs are more likely to call Dubai, London, São Paulo, Buenos Aires, or Lagos home.

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.

Building a future-fit finance industry starts here. Today’s report outlines recommendations to make that happen.”