But what’s really ironic about this is that market reports actually very much support the case for women to take a more active role. McKinsey’s data shows clearly that companies with greater female presence in leadership are 25% more likely to be profitable. 

And yet, in contrast with the numbers, many fintech firms remain slow to close the gender gap. Last year’s survey indicated that over 50% of women don’t feel that there’s enough female representation in their companies.

Admittedly, it’s not all bad – efforts are being made. But it’s not enough. Gender diversity and inclusivity isn’t just a social initiative; it’s a business-focused one, as well. If the fintech industry as a whole wants to move forward, its representatives have to change how they think about this issue.

In this article, I’m going to share some of my thoughts on what’s holding women back. And what can be done for things to make a turn for the better.

Why diversity matters

Let’s start with something simple: diversity fuels innovation. Fintech thrives on problem-solving, and the more perspectives you can bring to the table, the better the end result is likely to be. Products designed by diverse teams are more likely to cater to a broader range of users. 

Not only that, but women-led companies tend to be better at retaining long-term stability. In an industry like fintech – one that handles people’s money and it is built on trust above all –  that is a valuable quality.

Being a woman with deep ties in finance, it was not unusual for me to run into the idea that women aren’t really good at running a company. But that’s an outdated belief. A recent EY study found that businesses owned by women stay afloat longer than those founded and owned by men.

But if the case for diversity is so clear, why is fintech still lagging? What’s holding women back? The answer is deeply tied to historical biases and cultural barriers.

Anti-woman barriers

When it comes to leadership roles, the infamous “glass ceiling” still exists. While more women are entering fintech, few make it to executive positions. UK studies found that over 60% of board directors in fintech firms were men, highlighting a clear leadership imbalance.

Beyond that, unconscious (or worse, conscious) bias also plays a role. Over 40% of women experience gender-based discrimination during job interviews. Even well-intentioned hiring managers may unconsciously favour male candidates due to ingrained perceptions about finance being a “male-dominated” sector, slowing down career advancement for women.

Female founders also often find themselves struggling when it comes to securing funding for their ventures. Over 60% of female entrepreneurs use personal credit cards to fund their businesses, which makes it a lot harder to scale operations and find success. 

All of these are systemic issues that require the whole industry to actively reassess their mindsets.

How to build a more inclusive fintech industry

Now, as I mentioned at the beginning, change is happening. It’s just happening slowly. The market is becoming more aware of these issues, and regulators across the world are gradually introducing initiatives aimed at ensuring greater gender balance.

But awareness alone isn’t enough, and true diversity should be about more than satisfying some vague quota that the local regulator has decided. The change has to happen on a more fundamental level. Here are some of the steps that I think fintech companies and regulators alike should consider more closely.

Mentorship and sponsorship programmes

To my mind, one of the biggest obstacles women face is the lack of mentorship and networking opportunities. Without other women to learn from, it takes them more time to figure out how to navigate the industry. My own company has several initiatives aimed at promoting networking for women in fintech, and I often heard this exact feedback from many of our participants.

As such, I believe that more fintech firms should make it a point to establish proper mentorship programs where senior leaders actively support women for leadership roles. Seeing female role models in high-level positions will inspire the ones that come after them to aim higher.

Encouraging early exposure and education

Fintech is a blend of finance and technology – both of which are fields where women have historically been underrepresented. As such, if efforts are made to change this, it makes sense to start early.

STEM initiatives, for example, can be utilised to encourage young women to pursue careers in these sectors. And by the same token, financial literacy programs can help women gain confidence in handling investment and entrepreneurship opportunities. Though, with the latter, I believe that everyone could benefit from them, not just women. 

Final thoughts: a cultural shift is needed

Regulations and corporate policies are important, but they aren’t enough on their own. Real progress is going to happen when companies learn to see diversity as a genuine business strategy. Diversity initiatives should focus on real inclusion, ensuring that women are not simply “present” but because they can actually make the company in question better. 

Any business works to get results and meet strategic goals, and that’s where the effort should go. Breaking barriers and fostering inclusivity is not just about supporting women – it is about building a stronger, more forward-thinking industry that everyone can benefit from.

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