Wincie Wong, co-founder of Tech She Can, made a bold statement about the future of the European fintech and banking industry. She insisted that Europe should not follow the U.S. lead in scrapping workforce equality programs. Instead, it should double down on diversity, equity, and inclusion (DEI) efforts.
Speaking at Finovate Europe last week, Wong pointed to the unsettling trend in the U.S., where former President Donald Trump is rallying to end DEI programs, labeling them as “dangerous” and “immoral.” Some companies, including the tech giant Meta, have already started to dismantle these initiatives.
Wong emphasized that European fintech firms have a unique opportunity if they embrace their existing diversity programs. “This is crucial. Many banks in the U.S. are reacting directly to political pressure. As an American, I see this as a pressing issue,” she said.
She expressed concern that companies that cut DEI initiatives likely never viewed them as anything more than a way to check a box. “The organizations that truly understand the value of DEI implement it to create opportunities for those who may not have had a platform to show their capabilities.” Wong noted that closing the gender skills gap in the UK could inject billions into the economy.
Wong also highlighted Europe’s determination to chart its own course. “Europe has clearly indicated it prefers a different approach, and that’s encouraging,” she told Computer Weekly. She believes that when done right, DEI leads to more innovation and better products, an idea that’s been supported by evidence time and again. “If we continue to uphold these policies in the EU and UK, we’ll enhance productivity,” she added.
Maria Scott, the founder and CEO of Taina Technology, echoed this sentiment. She pointed out that diverse organizations and boards generate more value and foster a safer, more inclusive world. “The data backs this up,” she stated, expressing hope that society won’t regress into outdated practices that compromise inclusivity.
Scott emphasized the importance of genuine efforts over superficial compliance. She said, “Anything done just to check a box is futile and will eventually fade away. We need real inclusion and fairness. It’s about acknowledging our biases and fostering role models to create a happier, fairer world for future generations.”
However, recent data signals a troubling trend in investment for women-led fintech startups. According to a survey from Innovate Finance, discrimination remains a significant hurdle for women seeking funding. Investment in women-led fintechs dropped a staggering 78% in 2024, a decline that’s more than double the market average of 37%. These figures highlight an urgent need for more inclusive funding practices. Overall, investment in women-founded fintechs remained just under £100 million, accounting for only 3.3% of total fintech funding.