Gender equality in the workplace, particularly in fintech, remains a distant goal. Despite some progress, women’s experiences and opportunities at work have not improved over the past decade. Many industries, such as financial services, have worsened. Issues include unfair pay, progression, recognition, and chances to receive investment.
The economic case for advancing women’s equality at work is evident. Closing gender gaps in the workforce could add $12 trillion to global GDP and increase the economic output of some countries by as much as 35%. Yet, progress is slow, and estimates project that it will take 151 years to reach equity at work globally.
Numerous reports highlight that “individual and collective action” is essential to “move the needle” on gender equality. Actionable steps include raising the profile of female leaders, addressing talent pipelines and working on staff retention. Huge wins come from creating more accessible career advancement pathways. There are barriers that get in the way of progress. Many articles highlight the prominent and noticeable inequalities. Some inequalities are far more insidious and often go unnoticed. I interviewed fintech leaders about these workplace inequities that frequently get overlooked. Each of these halts progress for us all and needs urgent attention.
Systemic Disadvantages
Leah Glass is the VP of Global Marketing at Convera and she introduced me to her concept of the ‘excuse matrix.’ She describes a set of systemic obstacles that make life harder for women in the workplace. One key layer within this matrix is the lack of belief in the existence and competence of women. This impacts fair pay and equal job opportunities. Leah points out a common excuse used to justify gender imbalances in hiring. People often say, “The talent isn’t there.” She counters this by highlighting facts and data. She says that by “looking at college graduates, many more women, including women of color, are earning degrees than men.” Assumptions around who is and isn’t available for work isn’t supported by the data. This persistent myth that qualified women are scarce leads to practices like tokenism. Leah describes ‘tokenism’ as the act of hiring one woman, often paid less than her counterparts, to give the appearance of diversity without fostering genuine inclusion. “There’s nothing less empowering,” she says, “than discovering that you’re doing the same job as others but earning less money.” Another layer of the ‘excuse matrix’ includes inherent biases in how women are perceived. She explained how men might be praised for being “assertive,” while women demonstrating the same behavior are criticized as “having sharp elbows.” This double standard penalizes women for characteristics that are often celebrated in men. She believes everyone has a responsibility to acknowledge this widespread behaviour and call an end to it.
Disadvantages of not being heard
Amie Durr is the Chief Product Officer at Visual Lease, and agrees that the power of evidence and data can overcome unfair workplace practices. She shared that she has seen how women have had to work harder than their male counterparts to be heard, understood and supported in the workplace. She spoke about the challenges of having her ideas recognized. Amie explained that she was often rigorously questioned to levels that others were not. “I’ve had to do more and more research to have my ideas heard, let alone discussed or implemented” she recalled. She always felt she had to “put in a ton more work” compared to her male colleagues to get her ideas considered. Even when her ideas were heard, she described the heightened scrutiny she faced if something went wrong. She said it was “as if a spotlight is shining even brighter on any mistakes.” Amie was able to navigate this and shared that she credited much of her own success to her focus on “outcomes over output.” Reflecting on her early career, she emphasized the importance of relying on data to drive decisions. She said that by “Using quantitative and qualitative data you can eventually silence the loudest voice in the room.”
Perceptions that Disadvantage Women
Perceptions of leadership continue to hold women’s progression to senior roles in fintech. Asya Kuznetsova, a Senior Product Manager at Wise, explains, “The journey from middle management to senior leadership is not just about performance; it’s heavily influenced by perception.” In organizations where the leadership team is predominantly male, qualities traditionally associated with male leadership are often valued more highly. These include “assertiveness, confidence, and directness.” This creates pressure for women to adapt to these expectations, often showcasing traits that feel unnatural to progress. Compounding this is the experience of being the “only person in the room who is different,” which can heighten self-consciousness and force women to overperform to be recognized. Yet, women bring valuable leadership qualities, such as “empathy, collaboration, and transparent communication,” which are often overlooked or misunderstood through a male-centric lens. Asya urges fintech companies to redefine leadership by celebrating individuality and fostering inclusivity, enabling diverse leadership styles to thrive.
Funding Disadvantages
Ximena Aleman is the co-founder and co-CEO of Prometeo and shares her funding experience. In January 2024, she successfully raised Prometeo’s $13 million Series A round from global investors. Citing her experience raising at earlier stages of the company’s fundraising history, she reflected on the additional ‘tax’ she faced due to “constantly being underestimated.” This became especially evident to her as she expanded her Uruguayan business and began fundraising on a global scale. She recalled that “being a woman, being from Uruguay,” meant she was told she wasn’t good enough many times. She said she heard repeatedly she didn’t have “the right network,” or “the right expertise.” In many funding conversations, she was told she hadn’t attended the “right universities” or had the “right background.” These comments made it easy for her to fall into the trap of doubting her own worth. Rather than being discouraged, she used these setbacks as an opportunity. She went on to challenge industry pre-conceptions and scaled her business to new geographies, including the United States in 2024. She describes the early days of fundraising as an intense “emotional process.” She said, “The intellectual capabilities that take most of the energy are the emotional skills.” She persisted by leveraging her network and using business cases to succeed. She urges others to work on “self-esteem, self-awareness, and resilience.” She stressed that in fintech, people with different experiences should be sought after, not given more barriers to entry
These examples of inequity occur daily for many and involve both active participants and bystanders. Everyone can be more active in preventing discrimination. This can be done by addressing personal expectations, hearing someone out, and actively advocating for colleagues. True workplace equity will build the strongest teams, allow for high productivity, and support an engaged workforce.
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