Findexable, a London based fintech think-tank, today issued the first global benchmark of gender diversity in fintech. It tied up with Digital Lenders Association of India (DLAI) for research and data in India.
The report shows that India ranks 3rd, only after USA and China, in terms of the total revenue generated by fintech businesses with one or more senior female executives.
International data shows that 1.5% (16) of 1,032 best-funded private fintech firms globally are founded solely by women and receive just 1% of the total fintech venture funding. The Fintech Diversity Radar report reveals that women make up 11% of all board members and 19% of company executives in the industry globally.
Lizzie Chapman, Executive Committee member, DLAI, said, “DLAI has always supported diversity and equal opportunity, as evidenced by strong female representation on our executive committee. We believe measurement of the current status of diversity in the sector is the first step to taking more conclusive actions. We are pleased that India is being recognised as a, relatively conducive environment for female fintech founders – far better than Europe for example. As a global industry, we still have a long-way to go in making the sector truly diverse and equal opportunity sector and DLAI intends to play a key role in enabling that journey. The best products are often built by the most diverse teams.”
Select facts on the Indian Fintech market from the report:
- Three of the world’s 10 biggest fintech firms by revenue (with women founders) are in India, i.e. Gurgaon, Hyderabad and Mumbai
- India counts in top three countries of fintech firms with female executives and fourth in companies led by a female CEO
- India accounts for 13.5% of revenues of fintech with one or more senior female executives, after only the USA (50%) and China (29%)
Denise Gee, Co-founder of findexable, said, “While the research paints a disappointing picture of fintech’s performance at building an industry that reflects the real world, this research should be viewed as a line in the sand. From today all of us – from government to regulators, ecosystems, and financial services firms of all sizes – need to ‘dig in’ (not lean in) to make the case and accelerate the progress of women and diverse teams.”
The Diversity for Growth Report forms part of the Fintech Diversity Radar. This is the first global big data initiative tracking diversity in fintech by findexable in partnership with Chargebacks911 and Global Processing Services (GPS) and a global alliance of supporting organisations, women founders, and fintech industry champions.
The report examines the role that women play in global fintech, and how the industry can build more balanced, inclusive, and representative businesses that are fit for the future.
The research comprises data from just over one thousand of the world’s best-funded privately owned fintech firms, 36 in-depth interviews with women founders and senior executives from large financial service providers. Insights are also drawn from a survey of 250 employees working across the financial services landscape.