Women in Fintech - from pioneers to underrepresented

Explore the ongoing challenges women face in fintech and how greater inclusion can reshape the future of technology and financial services.

The gender divide in tech has been a focal point of discussion for years and has recently gained even more attention. An industry once significantly shaped by women has now become predominantly male-driven. Women in tech still have a long way to go to achieve true equality. 

A glimpse into the past 

The gender gap in technology is a complex and long-standing issue that has shaped the sector in ways we are still trying to understand. Historically, women were at the forefront of technological advancements, but today, men dominate the field. 

Ada Lovelace, often credited as the first computer programmer, collaborated with Charles Babbage on his Analytical Engine in the mid-1800s. Another notable figure, Grace Hopper, contributed to the development of the first software program that translated human-readable code into machine language. Additionally, during World War II, women played a pivotal role in code-breaking and programming computing machines. By the 1960s and 1970s, women were actively recruited into the field, making up over 60% of computer programmers by 1967. At that time, programming was seen as a "woman's profession." However, by the 1980s and 1990s, the tech industry shifted, becoming more male-dominated, which led to a dramatic decline in the number of women working in tech. 

Today, the underrepresentation of women in technology continues to impact the industry, society, and business performance. Research consistently shows that diverse teams are more innovative and profitable than homogeneous ones. Despite the proven benefits of diversity, women in tech still face significant barriers. 

According to a McKinsey study, companies with more gender diversity in their leadership are more likely to see above-average profitability. [1] 

The current challenges facing women in tech 

Unconscious bias remains one of the key barriers when hiring women for tech positions. There is often an assumption that male candidates are inherently more qualified, even when women have equal or greater qualifications. This bias can lead to concerns about a woman’s work-life balance or fears that hiring a woman could cause complications in team dynamics. 

Currently, women represent only 26% of the computing workforce and hold just 5% of leadership positions, according to the National Center for Women & Information Technology. [2] Furthermore, unequal pay continues to be a persistent issue. Women are often paid less than men for the same roles, and many face significant challenges in receiving promotions. While women make up 48% of entry-level tech employees, they only occupy 21% of C-suite positions. [2] 

Studies indicate that tech companies often offer women starting salaries that are 4% to 45% lower than those offered to male counterparts for identical positions. [3] Despite these ongoing challenges, women are still making valuable contributions to the industry, from designing intuitive user interfaces to developing innovative algorithms. In fintech, we are starting to see a new wave of female-led companies that are reshaping the industry through innovation, creativity, and visionary leadership. 

Women leading the charge in Fintech 

Among the most influential women in the fintech landscape is Ghela Boskovich. She is a fintech advocate and founder of FemTechGlobal, a social network dedicated to challenging traditional norms and promoting diversity in the financial services sector. 

Adina Eckstein, the COO of Lemonade, a digital insurance company with a social impact focus, also stands out. With a diverse background in leading global digital transformations, managing projects, and overseeing business development, she continues to break barriers in the tech world. 

Nathalie Siegl is another trailblazer in the fintech space. As the Co-Founder and CEO of Tarci, a Continuous Intelligence Engine that aggregates data from various sources to create a unified view, she has been instrumental in establishing and growing brands across several sectors. Nathalie holds an MBA from London Business School and has extensive experience in marketing and project management. 

Despite their success, women still account for just 1.5% of global private fintech company founders, and their numbers in the industry remain low. [1]