Valentina Drofa, Founder and CEO at the PR firm for eminent finance and fintech brands Drofa Comms.
Despite the growing global agenda around gender diversity, the male-female imbalance in fintech is still very noticeable. In 2024, the top 50 U.K. fintechs only showed an average of 22% in terms of female representation on their boards.
This isn’t just a social problem—it’s a business problem. By sidelining women, fintech is leaving billions of dollars in potential untapped. The World Economic Forum estimates that closing the gender gap in financial services could unlock as much as $700 billion in new value.
The irony is hard to miss: Fintech prides itself on innovation, yet it struggles to innovate in one of the most important areas of all—inclusion.
So the question is: How do we fix it?
Why Inclusion Equals Innovation
When women are at the table—whether as founders, executives or employees—financial products have a real chance of getting better. And that’s not simply wishful thinking; it’s a proven fact.
McKinsey’s past findings showed that companies with more diversity in leadership are 21% more likely to be profitable. As proof of this, last year, U.K. firms with female founders achieved 30% greater revenue growth compared to other fintechs.
This clearly demonstrates that women are just as equipped to lead businesses and show great performance as men are. Why? Because fintech prides itself on solving real-world problems, and diversity only helps fuel innovation. The more perspectives you bring to the table, the stronger your solutions will be in the end.
Consider this: Over 700 million women across the world still lack formal access to financial services. And female entrepreneurs often face unique hurdles as a result of this.
A woman who has experienced these barriers firsthand is more likely to drive efforts for more flexible, convenient solutions that would ultimately help not only other women but also underserved consumers in general. And there are well over one billion adults globally without access to a financial account—just think of the business opportunities.
So What Is Holding Women Back?
This is the point where many may ask: Why are women still being excluded despite all the evidence in their favor? As things stand, there are several reasons.
Firstly, there is the bias in hiring and the so-called “glass ceiling” to talk about. While more women have been entering fintech recently, few end up making it into senior leadership roles. A 2024 survey from the Muse revealed that over 40% of women have experienced gender-based discrimination during interviews. And according to a 2023 report by McKinsey, an average of only 87 women are promoted for every 100 men promoted.
This hiring problem extends to many other industries beyond finance and fintech, but the point still very much stands. Even well-meaning hiring managers can unconsciously default to male candidates in a field still seen as “male-dominated.” And that’s without getting into the truly toxic behavior.
Then there’s the problem of access to capital—female founders often struggle to secure funding. TechCrunch data showed that in 2024, the U.S. companies with female-led founding teams have only raised around 2% of all allocated venture capital.
Because of this gap in funding, female founders are more likely to rely on personal savings and self-financing to keep pushing their business forward. A U.K. survey found exactly that: An overwhelming 88% of women founders start their companies with personal funds and credit cards. That’s not really a sustainable approach when you want to scale your company.
Finally, there is a lack of mentorship and role models. Many female newcomers end up feeling like outsiders, which makes it harder for them to retain confidence or build long-term careers. They need proper support networks and visible examples of women succeeding at the highest levels.
All of these are systemic issues that need to be dealt with. Because they aren’t just obstacles for women—these are missed opportunities for fintech as a whole.
What Can Be Done
We’re already seeing regulators across various countries stepping in with official directives and diversity quotas that are meant to help close the gender gap. But while those are all good steps to take, laws alone won’t solve this problem.
In order for real progress to happen, we need to bring cultural changes inside the industry itself. Fintech companies should change the way they view gender roles in their corporate structures.
Here are some points that I believe deserve to be improved on:
• Mentorship Programs: Women entering the industry need role models. Companies that create opportunities for senior leaders to mentor female talent will see stronger pipelines into leadership. I’ve seen this firsthand in my own company.
• Industry-Wide Support: About a year ago, I launched a networking initiative called Women Leading the Way with the goal of giving women a place to share their personal stories. Many of those women later said that it felt encouraging to be properly heard. Many men also stepped up as allies, suggesting that their female colleagues join our conversations. This experience showed that representation can spark real change. Which is why we need more such visible efforts to take place across the whole of fintech.
• Early Exposure And Education: Since fintech combines finance and technology—both historically male-dominated fields—the effort to bring women in must start early. Encouraging education programs for girls in schools and universities and promoting financial literacy for women can build up their confidence long before they even begin to take their first career steps.
• Revising Corporate Culture: Companies must stop seeing gender quotas as the end goal of their diversity efforts. Inclusion needs to be a part of your business’s growth strategy, and its focus—on ensuring that women are valued for the skills they bring.
The future of fintech will be shaped by those who recognize that gender inclusion is the smart thing to do. Women make up half the world’s population—ignoring half your market is hardly a recipe for success. Giving women chances to rise in fintech will help the whole industry rise with them.
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