Anne Boden, founding father of Starling Bank
Author: Emily Cashen
April 14, 2021
Bringing collectively the historically male-dominated fields of finance and know-how, it’s no secret that fintech nonetheless has some approach to go relating to gender equality. In the UK, only one p.c of all enterprise capital funding goes to female-founded fintech firms, and within the US the state of affairs is way the identical, with VC funding in female-led fintech groups reaching simply three p.c. That stated, the business boasts various trail-blazing feminine pioneers, starting from fintech founders by way of to angel traders and know-how consultants. Indeed, whereas there may be nonetheless a lot work to be completed, it’s actually encouraging to see a wide range of female-led fintech firms making waves on this fast-moving business. Many of those firms are additionally created not simply by girls but in addition for girls, making an allowance for the precise desires and desires of their feminine user-base. Here, World Finance takes a have a look at 5 of the world’s most enjoyable female-fronted fintech firms.
1 – PensionBee
All eyes are on British pensions supplier PensionBee because it readies itself to go public on the London Stock Exchange. Founded by Romi Savova in 2014, the corporate goals at simplifying pensions for its clients, by consolidating their previous pensions into one new plan. The float is predicted to worth the agency at between £346m and £384m, and with a 45 p.c stake within the firm, 35-year-old Savova is ready to grow to be one of many UK’s wealthiest feminine know-how CEOs. Dubbed ‘the Monzo of pensions the agency’s smartphone-friendly app permits customers to handle their pensions remotely and effectively, with the corporate hoping to drag the famously-complex business into the 21st century.
2 – Starling Bank
This entry on our checklist actually wants no introduction. The digital-only challenger financial institution achieved coveted ‘unicorn’ standing not too long ago, after elevating £272m in its largest funding spherical so far. This newest money injection sees the British financial institution valued at £1.1bn, with founder and CEO Anne Boden declaring that “digital banking has reached a tipping level” in a press release confirming the valuation. Boden based the financial institution in 2014 on the age of 54, after a few years of working within the conventional banking sector. Despite some early setbacks, beneath Boden’s management, Starling has grow to be one of many UK’s quickest rising banks, with a brand new buyer now becoming a member of each 39 seconds. In November 2020, she launched an explosive tell-all guide, Banking On It, which particulars her struggles as a 50-something girl making an attempt to forge a brand new path within the aggressive fintech business.
3 – Borrowell
Canadian fintech agency Borrowell is on a mission to assist these struggling on account of the COVID-19 induced financial downturn. Founded in 2014, the corporate hopes to assist folks obtain their monetary objectives – whether or not that features clearing debt or saving for the long run – by serving to them to make knowledgeable choices about credit score. The firm was the primary in Canada to supply clients free entry to their credit score scores, in addition to pioneering the nation’s first AI-powered ‘credit score coach.’ Eva Wong, the agency’s co-founder and COO, has lengthy been a vocal advocate of variety and inclusion, talking on easy methods to appeal to a various candidate pool when hiring by specializing in inclusive language in job postings. This dedication to office variety has seen Borrowell listed as one of many Best Workplaces for Women by Great Place to Work Canada.
4 – Ellevest
Stock buying and selling apps hit the entrance pages earlier this yr when the so-called ‘GameStop saga’ noticed beginner traders drive up the share value of various firms – GameStop, Blackberry and AMC Cinemas included. Away from the headlines, buying and selling app Ellevest is seeking to shake up the business, and is devoted to its purpose of serving to girls to begin investing. Founded by Wall Street veteran Sallie Krawcheck in 2014, the corporate markets itself as a software constructed by girls, for girls, with its funding algorithm bearing in mind particular points that will have an effect on its feminine user-base – similar to profession breaks, longer common life spans and pay gaps. In March, the corporate hit a brand new milestone of $1bn in belongings beneath administration, exhibiting a rising urge for food for its companies even amid the pandemic downturn.
5 – Ovamba Solutions
Founded by Viola Llewllyn in 2013, Ovamba Solutions is a fintech agency targeted on serving to Africa’s micro, small and medium-sized companies to develop by way of entry to short-term capital. Having seen that banks and conventional monetary establishments had been largely unable to shut the continent’s credit score hole, Llewellyn arrange Ovamba Solutions with the intention to empower African entrepreneurs by way of modern on-line platforms and cellular apps that may extra successfully meet the calls for of burgeoning SMEs. Its choices embody culturally-sensitive know-how, similar to chatbots that talk a wide range of African languages, and options that consider the realities affecting African companies and entrepreneurs.