Fintech has a gender problem – here’s why you should care

By Chloe Fox-Robertson, University of Manchester, Dariusz Wojcik, National University of Singapore

Fintech (financial technology) is everywhere. It’s the catch-all term for technology-enabled financial services innovation.

Even if you haven’t heard of fintech, you’re probably using it for payments, banking or investments. Klarna? ClearPay? Revolut? Monzo? They’re all part of an industry that attracted a staggering US$51.2 billion (£40.5 billion) of investment globally in 2023.

However, while fintech is flooded with money, it is marked by an absence of women, particularly in leadership roles. Our research, which was published on March 5, reveals the striking underrepresentation of women guiding this booming industry.

Women account for just 4% of CEOs, only 18% of executive committee members, and a mere 7.7% of entrepreneurs within fintech. There is not a single woman on the executive leadership team of the well-known fintech company Revolut.

Fintech sits at the intersection of three sectors: finance, technology and entrepreneurship. Gender inequalities in each of these combine to form what we call a “triple glass ceiling” in the fintech industry. The longstanding male dominance, continued privileging of masculinity, and rigid gender stereotypes in each of these sectors hinder meaningful progress and change in fintech.

So, where are all the women?

The sexist culture still apparent within financial services has been brought into fintech. Our research, which involved interviewing female and male fintech professionals, uncovers stories of recruiters being reluctant to hire women because of assumptions they would get married, have children, and be less committed to the business.

Several interviewees noted that women typically work harder and push more to gain the same result as their male peers. However, ideas that get dismissed when suggested by a woman commonly gain credence when offered by a man. We found that the performance of masculinity, not the quality of the work or idea, is what tends to get valued.

The masculine language in fintech job descriptions – requiring applicants to be a “hunter” and “execute” on strategies – reduces the pool of female candidates.

Read Full Story https://theconversation.com/fintech-has-a-gender-problem-heres-why-you-should-care-