The Latest Diversity In The Fintech Industry Statistics Explained
Globally, 29% of FinTech’s workforce is made up of women, as reported in 2020.
The statistic stating that globally, 29% of the FinTech workforce is comprised of women, as reported in 2020, indicates the representation of women within the financial technology sector. This figure suggests that there is a gender imbalance in the industry, with women making up less than a third of the workforce. The statistic highlights a potential disparity in employment opportunities and career advancement for women in the FinTech sector, emphasizing the need for increased diversity and inclusion efforts to address gender inequality and promote a more equitable work environment within the industry.
Only 12% of Fintech startups in Latin America are run by women, as of 2021.
The statistic stating that only 12% of Fintech startups in Latin America are run by women as of 2021 indicates a gender imbalance within the entrepreneurial landscape of the financial technology sector in the region. This statistic highlights the underrepresentation of women in leadership roles within Fintech companies and suggests that there are systemic barriers or challenges that may be hindering women from fully participating in the sector. Addressing this gender disparity is not only important from a perspective of gender equality and diversity but also crucial for leveraging the full potential of talent and innovation that women can bring to the Fintech industry in Latin America. Efforts to promote inclusivity, support women-led startups, and provide opportunities for female entrepreneurs in the Fintech space can help to address this imbalance and foster a more diverse and thriving ecosystem.
In UK Fintech companies, only 17% of senior roles are held by women as of 2020.
This statistic indicates that there is a significant gender disparity in senior leadership positions within UK Fintech companies as of 2020, with only 17% of these roles being held by women. This suggests a lack of gender diversity and representation at the top levels of decision-making within the Fintech industry in the UK. The low percentage of women in senior roles may reflect underlying systemic barriers, biases, and inequalities that prevent women from advancing to leadership positions within the sector. Addressing this gender imbalance is important for promoting inclusivity, diverse perspectives, and equality in the Fintech industry.
A Deloitte study from 2020 found that 86% of fintech firms intend to increase their diversity and inclusion programs.
The statistic from the 2020 Deloitte study indicates that 86% of financial technology (fintech) firms have expressed their intention to enhance their diversity and inclusion programs. This finding suggests a growing recognition within the fintech industry of the importance of promoting diversity and creating inclusive work environments. By prioritizing diversity and inclusion initiatives, these firms aim to foster a more equitable and representative workforce, potentially leading to improved innovation, decision-making, and overall business performance. The statistic highlights a positive trend towards greater diversity and inclusivity in the fintech sector, reflecting a broader industry-wide commitment to creating more diverse and welcoming workplaces.
Less than 30% of fintech board members are women according to a study by EY.
This statistic indicates that there is a significant gender disparity in the representation of women on boards within the fintech industry. Specifically, less than 30% of board members in fintech companies are women, as reported by a study conducted by EY. This finding highlights a lack of gender diversity and inclusivity within the leadership positions of fintech firms, which could have implications for decision-making processes, innovation, and overall performance. Addressing this gender imbalance by increasing the representation of women on boards is not only a matter of equality and fairness but also a strategic imperative for driving success and sustainability in the rapidly evolving fintech sector.
Despite making up only 37% of the U.S. tech industry workforce, nonwhite individuals account for 46.5% of the workforce in fintech.
This statistic highlights a notable discrepancy between the representation of nonwhite individuals in the overall tech industry workforce and their representation specifically in the fintech sector within the United States. While nonwhite individuals make up 37% of the tech industry as a whole, they constitute a higher proportion, at 46.5%, within the fintech workforce. This disparity suggests that the fintech sector may be relatively more diverse than the broader tech industry, indicating a potential trend of greater inclusivity in fintech companies compared to other tech companies. The higher representation of nonwhite individuals in fintech could be due to various factors such as recruitment practices, workplace culture, or targeted diversity initiatives within the fintech sector.
In 2021, less than 1% of the founders of fintech startups worldwide are black.
This statistic indicates that in the year 2021, the representation of black individuals among the founders of financial technology (fintech) startups globally is below 1%. This suggests a significant lack of diversity and inclusion within the fintech industry, as black founders are vastly underrepresented in comparison to other racial or ethnic groups. The statistic underscores the existing disparities in access to entrepreneurial opportunities, resources, and support for black individuals within the fintech sector, which may contribute to a lack of diverse perspectives, innovation, and economic growth within the industry. Addressing this issue is crucial for promoting equity, fostering inclusive entrepreneurship, and harnessing the full potential of the fintech landscape.
Nearly 31% of CEOs in Fintech companies come from a minority background.
The statistic that nearly 31% of CEOs in Fintech companies come from a minority background indicates that a substantial proportion of leaders in the Fintech industry belong to underrepresented groups in terms of race, ethnicity, or other minority statuses. This trend suggests a partial shift towards greater diversity and inclusivity in the typically male-dominated and predominantly white field of Fintech leadership. The statistic highlights a potential positive trend towards increasing representation of minority individuals in higher executive positions within the Fintech sector, which is important for fostering a more inclusive and innovative industry culture.
There is a disparity in funding, with female Fintech founders receiving only 1% of UK’s fintech funding in 2019.
This statistic indicates a significant gender disparity in the funding received by female founders in the Fintech industry in the UK in 2019. Specifically, only 1% of the total funding allocated to Fintech companies went to female founders, highlighting a concerning lack of financial support for women in the tech and finance sectors. This disparity suggests there may be underlying systemic biases or barriers that hinder female entrepreneurs from accessing the necessary funding to start or scale their businesses within the Fintech industry. Addressing this imbalance is crucial for promoting diversity, equality, and opportunities for women in the entrepreneurial space.
A 2020 survey of fintech employees found that 76% of workers feel their industry is not doing enough to promote diversity and inclusion.
The statistic indicates that majority of fintech employees, 76%, perceive that their industry is lacking in efforts to promote diversity and inclusion. This finding suggests that there may be concerns among employees regarding the representation and inclusivity within the fintech sector. The results of the survey imply that there may be a need for greater initiatives and strategies to address diversity and inclusion within fintech companies in order to create a more inclusive and equitable work environment. Addressing these concerns could potentially lead to improved employee satisfaction and productivity within the industry.
The median hourly pay gap between male and female employees in the UK fintech industry is 24.5% according to an Innovate Finance report.
The statistic indicates that there is a significant disparity in the median hourly pay between male and female employees working in the UK fintech industry, with male employees earning 24.5% more than their female counterparts on average. This wage gap suggests an unequal distribution of wages based on gender within the industry, with men generally earning higher hourly rates than women. Such disparities can potentially reflect underlying issues related to gender bias, discrimination, or unequal opportunities within the workplace. Addressing and reducing this pay gap is crucial for promoting gender equality and fostering a more inclusive and equitable work environment within the UK fintech industry.
Despite greater diversity, retention remains a challenge in fintech, with employees identifying as LGBTQ+ 8% less likely to stay at their current jobs than their counterparts.
The statistic indicates that within the fintech industry, despite increasing diversity in the workforce, retention rates continue to be a significant challenge. Specifically, employees who identify as LGBTQ+ are 8% less likely to remain in their current positions compared to their non-LGBTQ+ counterparts. This disparity suggests that there may be underlying issues or barriers within fintech companies that are leading to higher turnover rates among LGBTQ+ employees. Addressing and understanding the factors contributing to this retention gap is crucial for creating a more inclusive and supportive work environment where all employees, regardless of their sexual orientation or gender identity, feel valued and are motivated to stay long-term.
A 2020 report from Fairer Finance found that only 9% of Fintech executives are from a non-white background in the UK.
The statistic presented indicates that there is a lack of racial diversity among Fintech executives in the UK, with only 9% of them coming from a non-white background. This suggests that individuals from minority racial or ethnic groups are significantly underrepresented in leadership positions within the Fintech industry. Such low diversity levels may reflect systemic barriers or biases that hinder the advancement of non-white individuals in this sector. Addressing this lack of diversity is not only important for promoting equality and fairness but also for fostering a more inclusive and innovative Fintech industry that benefits from a diverse range of perspectives and experiences.
A study of more than 1,600 fintech professionals worldwide found that 77% of workers believe the fintech industry must work harder to promote diversity.
The statistic presents findings from a study conducted among over 1,600 fintech professionals globally, indicating that 77% of respondents believe the fintech industry should make greater efforts to encourage diversity. This statistic suggests that a significant majority of workers within the fintech sector perceive a need for improvement in promoting diversity within their industry. The high percentage of professionals expressing this sentiment highlights a widespread acknowledgment of the importance of diversity and inclusion in fintech organizations. This finding may indicate a growing awareness and recognition of the benefits that diversity can bring to the industry, such as greater innovation, improved decision-making, and a more inclusive work environment.
According to Findexable’s 2020 global fintech index, female fintech founders and leaders increased from 5% to 20% over the last decade.
The statistic provided by Findexable’s 2020 global fintech index highlights a significant advancement in gender diversity within the fintech industry. Specifically, it indicates that the proportion of female founders and leaders in fintech has increased from 5% to 20% over the course of the last decade. This fourfold increase suggests a positive trend towards greater representation and opportunities for women in the fintech sector. The growing presence of female leaders and founders in fintech not only signifies progress towards gender equality but also brings diverse perspectives and talent into the industry, which can lead to innovation and overall industry growth.
It is estimated that FinTech companies with diverse senior management generate 10% higher revenues.
This statistic suggests that FinTech companies with diverse senior management teams have been found to generate 10% higher revenues compared to those with less diverse senior management. This indicates that the inclusion of individuals from various backgrounds, races, genders, and perspectives in leadership roles within FinTech companies can potentially lead to increased financial success. Diversity at the top level may bring a wider range of ideas, innovative approaches, and better decision-making processes, ultimately contributing to higher revenue generation within these companies. This statistic highlights the potential business benefits of promoting diversity and inclusion within the FinTech industry.
References
0. – https://www.www.finextra.com
1. – https://www.www2.deloitte.com
2. – https://www.www.fintechmagazine.com
3. – https://www.builtin.com
4. – https://www.www.findexable.com
5. – https://www.www.businessinsider.com
6. – https://www.www.forbes.com
7. – https://www.www.fairerfinance.com
8. – https://www.andersen.com
9. – https://www.hbr.org
10. – https://www.www.ey.com
11. – https://www.www.ft.com
12. – https://www.www.innovatefinance.com
