How to increase funding for female-founded fintech

The fintech space has been booming over the past few years but it needs more Women according to Nicole Casperson, founder of WTFintech?.  She told The Yield,  “30% of the workforce [being] women is not good enough, the gender gap is vast in the fintech space”.

Key Takeaways:

[3:58] Core ways that people can participate in the WTFintech? community. 

[10:20] The allocation of roles by type and the changes that Nicole is advocating for. 

[16:51] Causes behind the current challenges and pressures that are forcing companies to take a hard look at their cost structures.

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Casperson broke down the gender gap data within the Fintech space. She said “when 30% of the fintech workforce is made up of women and only 12% of CEOs are women, these types of stats are kind of daunting. The moments I feel like we’re making progress, are when I do speak with CEOs and founders, in the space, honestly, especially men who are very, very intentional and very adamant about changing that from within.”

Most women in the Fintech sector are in human resources or marketing positions. Casperson said,  “It would be great to see more product development, more coding, even graphics and obviously CEOs, and founders, but you know when only 2% of VC dollars go to female founders, I know you can’t blame women for maybe being more intimidated by even founding a company.” 

This is why Casperson works to connect women in the Fintech sector through her newsletter WTFintech? and networking events like Fintech is Femme. These events help women, she said,  see and hear female success stories in the tech sector. 

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Casperson said the fintech sector is not the only one that has a gender problem. There is a clear divide over the allocation of venture capital funding. “I think that the VC space is one that also needs to change, there are inherent biases there,” Casperson said. 

Casperson pointed out that in the United States in 2021, only 2% of venture capital funding went to solely female-founded companies.  The data was gathered by Pitchbook, which said it marked the lowest percentage since 2016. 

Casperson says female representation in fintech is important as is visibility in financial media because “media shapes culture, it shapes everything,” she said.

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