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Being black in fintech: diversity and its importance

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on FinTech Magazine or enjoy below

🗞️ Driving the news: Diversity and inclusion (D&I) in fintech are now getting mainstream attention, focusing especially on enhancing the black founder experience

🔭 The context: Despite increased discussions around D&I, the financial system has historically overlooked certain demographics, notably black individuals
• This omission continues to affect their experience within the financial sector, both as consumers and as founders

🌍 Why it matters for the planet: The historical financial exclusion of black individuals perpetuates a cycle where black customers receive a different experience than their white counterparts
• Such disparities hinder not only individual progress but also stifle broader economic growth, as a significant portion of the population is unable to fully contribute to and benefit from the financial system

⏭️ What's next: To address systemic issues in wealth management and finance, there's a need for more risk-taking by lenders and investors to support minority and women-owned fintechs
• Established fintechs can further play a role by acting as incubators and accelerators for black and brown peers, pushing the whole industry to innovate faster

💬 One quote: “More black leaders and fintechs in the room builds not just diversity of race, but diversity of thoughts and ideas. This is what leads to innovation.” (Everett Sands, Founder and CEO of Lendistry)

📈 One stat: Only 1% of the US$150bn in venture capital provided to startups in 2020 was attributed to black founders, as per data from Accenture

Click for more news covering the latest on diversity & inclusion

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