Even though the fintech sphere is improving in terms of gender diversity — particularly at the middle management level — there is still a notable lag in some areas.
While now we witness significantly more women in mid-to-senior individual contributor roles, particularly in marketing, analytics, and design functions, functions like product and engineering remain predominantly male. In senior leadership, the gap is accentuated even further. Data reveals that only 4% of fintech CEOs are women.
This statistic underscores the fact that there is still significant work needed to achieve gender parity in the field. Bridging this gap — and empowering more women to secure leadership positions — requires a comprehensive strategy, including redefining our perceptions of leadership and enhancing mentorship and sponsorship opportunities within companies.
If this happens, benefits can be widespread, as some cases demonstrate. For example, a woman, Maria Gotsch, is credited with transforming New York into a vibrant fintech hub. Similarly, at the forefront of Big Tech’s foray into financial services is a woman, Jenny Cheng, who is the GM of Google Wallet and has often remarked on the importance of diverse leadership.
Main challenges
Barriers to entry and career progression for women in fintech
Despite increased female representation in middle management roles, women in fintech face significant barriers to career advancement. Even though data from Gartner illustrates that firms that invest in a diverse and inclusive leadership team tend to exceed their financial targets, many companies are lagging. A report from EY states that not even 20% of fintech firms have a female senior executive.
There might be indicators that this is changing. In the UK, two leading fintechs — Monzo and Starling — had a lower female staff turnover than the four big banks in the country. At Wise, over half the workforce is women, who hold 26% of the senior leadership positions and 41% of middle management roles. Factors influencing this are that fintechs, as tech companies, may offer more flexible working arrangements compared to legacy financial institutions.
However, there is plenty of work to be done, if we compare fintech to other fields like edtech, where studies say that approximately 30% of founders are women. This creates an environment that nurtures female talent from the get-go, attracting a higher share in relation to other tech spheres.
Cultural and systemic factors contributing to the gender gap
A critical obstacle aspiring female leaders face is that the traits that characterize a good leader are often defined through a predominantly male lens.
For instance, qualities like assertiveness, confidence, visibility, strong opinions, and the ability to provide robust feedback are traditionally ascribed to men. As a result, women who embody a different leadership style may not be perceived as prospective leaders for the organization.
Being a 1-on-1 mentor to female professionals through the Women in Product community has expanded my visibility regarding the obstacles women face when attempting to make strides in their careers. Frequently, I’ve connected with highly experienced and talented product managers, who are respected by their peers and deliver solid, tangible results. Yet, they still struggle to receive promotions. Since there is a prevailing male perspective on what a leader should be, their leadership potential is overlooked.
Steps to overcome barriers
Implementing inclusive hiring practices
To foster gender diversity in leadership roles, fintech companies need to redefine what the profile of a leader looks like. Women bring very valuable skills to the table, such as empathy, emotional intelligence, and a collaborative leadership style, as well as a customer-centric and feedback-driven approach.
While qualities like assertiveness and a strong strategic focus are important, they are not the only indicators of effective leadership. For example, women are active listeners and prefer to gather everyone’s opinions, take time to process them, and then make decisions that help others feel included. They also frequently praise other team members’ involvement and contribution. As a result, they can be perceived as less confident or impactful, but actually, the opposite is true.
By appreciating these skills and leadership styles, fintech companies can create a more inclusive environment that supports the advancement of women into leadership positions. Integrating both sides of the equation ultimately helps the company, creating a more balanced and inclusive work environment.
Fostering a supportive work environment
A study by McKinsey outlines the challenges faced by women in the workplace, which further underscores the disparity in terms of promotions to the upper echelons of a company. For every 100 men promoted from entry-level to manager, only 87 women accomplished the same.
The problem is that in the current state of the fintech industry, women often feel the need to fully adopt traditionally male qualities if they want to advance in their careers. This happens because they are frequently compared to their male peers and judged based on these traits.
To change these damaging dynamics, we need to recognize that people are different. If someone does not exhibit the qualities you consider important, they may possess other traits that are potentially more beneficial, even though the present work environment is not giving them a chance to develop them. Hence, creating space and providing support for people to express and develop their unique qualities is crucial.
Empowering women through mentorship and leadership development
Mentorship and sponsorship play a pivotal role in advancing women’s careers, since they offer much-needed guidance, support, and advocacy. By establishing formal mentorship programs where experienced leaders help women in mid-level positions fully develop their skills and leadership styles, fintech companies can help female talent progress up the ladder.
Similarly, a sponsor can help women in the organization gain visibility, since there is a trusted voice advocating and promoting their achievements. Women’s networks within the company are also paramount, since they provide a platform for women to share experiences, discuss challenges, and support each other’s growth.
At Wise, for example, the marketing function boasts a high percentage of women, including in leadership roles. This facilitates the organization of regular meetings, where women gather with senior leadership to discuss issues and develop support strategies around them. These have been instrumental — for instance, the meetings revealed that while women were equally represented in internal presentations, Q&A sessions were predominantly male-driven. Initiatives are now underway to help women feel more confident in expressing their opinions publicly.
Additionally, we host a regular Marketing Public Speaking Club. There, women can receive extra support to prepare for public events or build their public profiles outside the company. The goal is to help women proudly share their voice and the value they have to contribute.
Final thoughts
Bridging the gender gap in fintech is crucial not only for achieving equity but also for boosting an organization’s performance. As I mentioned, it is proven that companies with a more diverse leadership tend to achieve better returns.
However, even if improvements have been made, there are still substantial disparities, particularly in higher positions. By redefining their conception of leadership, stakeholders can gain a tremendously valuable skill set that female leaders can bring to the table, including empathy, collaboration, and a customer-centric approach to work.
Building this inclusive environment requires a multifaceted approach, and must consider robust mentorship and sponsorship programs, as well as the formation of support networks for women within companies. As more women progress into leadership roles, the fintech industry will benefit from a broader range of perspectives and a better working culture for everyone.
About the Author
Asya Kuznetsova is a product and growth expert with over a decade of experience in FinTech and EdTech. She has held significant roles at top firms like PwC, a global leader in financial consulting, and Yandex, the fifth-largest search engine globally. Today, she is a Senior Product Manager at Wise (formerly TransferWise), a global FinTech company that processes more than £8 billion worth of international transactions for over 16 million people and businesses. At Wise, Asya is currently leading the product growth unit, managing a team of engineers, designers, and analysts. Her efforts are consistently bringing in over 70% of new users each month, and accelerating organic growth through in-product social features, virality, and referral programs. Since 2024, she has been a featured speaker at Product School. Advocating for transformative change, Asya is committed to inspiring the next generation of Product Managers to create innovative products and apply best practices in their work.
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