findexable tackles gender diversity in FinTech with a new report

By Joy Dumasia

New research by the global FinTech think tank 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. The Fintech Diversity Radar research reveals women make up 11% of all board members and 19% of company executives. 

Europe, home to some of the most FinTech focused ecosystems, joined-up financial markets and progressive regulatory authorities, performs average on the diversity scales with London, Paris and Berlin, providing positive results in certain areas. 

Hubs for women founders, executives and board members are globally distributed: 

● Asia has the highest proportion of female founders at 7.7%, followed closely by Africa at 7.4% – this compares to Europe at 6.5% and North America at 4.8%

● 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

● Female CEOs are more likely to call Dubai, London, São Paulo, Buenos Aires or Lagos home. 

● Only eight female-founded companies have more than 1,000 employees, with five in Asia, two in Europe and one in Latin America.

The inaugural Diversity for Growth Report forms part of the Fintech Diversity Radar, the first global big data initiative tracking diversity in FinTech by findexable in partnership with FinTech firms Chargebacks911 and Global Processing Services (GPS) and a global alliance of supporting organisations, women founders and FinTech industry champions. 

The report examines the role that women play or, rather, don’t play in global FinTech and how the industry can build more balanced, inclusive, and representative businesses that are fit for the future. The research comprises data from just over one thousand of the world’s best-funded privately owned FinTech firms, 36 in-depth interviews with women founders and senior executives from large financial service providers. Insights are also drawn from a survey of 250 employees working across the financial services landscape. 

Simon Hardie, CEO and Co-Founder of findexable, said: “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 playing an outsize role in reducing economic exclusion and powering digital transformation.”