WOMEN IN FINTECH Celebrating the Female Founders and CEOs of Innovate Finance’s Membership
Supported by:
Thank you for helping us celebrate our Women in FinTech event on International Women’s Day. We look forward to continuing our work together to help build a future of greater inclusion, gender equality and diversity in financial services.
Innovate Finance is an independent membership association that represents the UK's global FinTech community. Founded in 2014 with the backing of the City of London and Canary Wharf Group, Innovate Finance is a not-for-profit that aims to accelerate the country's leading position in the global financial services sector by directly supporting the next era of technology-led financial services innovators, whether they be a young start-up or an established industry player. With over 180+ members from across the FinTech ecosystem, Innovate Finance seeks to address some of the key issues affecting the growth of the sector - from attracting greater inward investment to helping shape the development of proportionate and effective regulation, whilst continuing to champion a truly democratic and inclusive financial services industry. Members range from the world’s leading global corporations to the UK’s most promising FinTech start-ups. Through Innovate Finance membership they receive a single point of access to policy makers, regulators, investors, customers, educators, talent and key commercial partners.
LEAD AND FOUNDING SPONSORS
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Diversity within FinTech: Women and Entrepreneurship Over the last year, FinTech has gone from strength to strength. From landmark IPOs to breakthrough technology – our sector has become a beacon for innovation and entrepreneurship, attracting talented individuals from diverse backgrounds to the UK. However, more needs to be done to support female FinTech leaders. Out of Europe’s top 50 FinTech firms, women hold less than 5% of top executive roles, and there is only one female CEO. According to the Fortune 1000 listing, only 51 women are CEOs of major corporations. How can we improve these numbers? Our community can continue to actively mentor and encourage female entrepreneurs to enter the FinTech sector. Companies can also offer more support to help women climb the corporate ladder. STEM skills should be prioritised in the UK by making computer science, maths and finance compulsory subjects for all students. Women currently make up 47% of the UK workforce but only 14.4% of all people working in STEM occupations. This impacts the number of those setting up, investing and leading successful FinTech start-ups – and we need more female talent to join us. Encouraging investors to back female talent and to legislate flexible working for businesses would also help to attract and retain skilled women in the workforce. While we aim to support more female CEOs in FinTech we should not overlook or diminish the vital contributions that women are already playing in our industry. Many institutions that support FinTech companies – including regulators, professional services groups, government organisations and marketing specialists – are headed up by women. Together they are driving FinTech forward and helping to create one of the world’s most successful business sectors. We are shining a spotlight on this talent with our Women in FinTech initiative and asking women to nominate themselves and their peers for a spot in this year’s Innovate Finance Women in FinTech Power List. Closing the gender gap remains a priority for Innovate Finance. Diversity is the key to our success and we will continue to collaborate with policy makers, businesses and partners to ensure female leaders play a vital role in creating better financial services for our communities. Lawrence Wintermeyer CEO, Innovate Finance
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Women play a vital role in helping us to achieve our vision for UK FinTech We need to nurture, attract and retain more female talent to make this happen
Innovate Finance believes the future of finance relies on a diverse talent pool made up men and women. Help us to create a financial sector that reflects the society we live in. What can be done? • • • • •
Support programmes that encourage female entrepreneurship Make STEM learning compulsory in schools and pair up female students with mentors Legislate flexible working in business to promote better life balance Invest in women by backing female entrepreneurs and their ideas Praise diversity in the workplace to inspire other businesses - until it becomes the norm
WOMEN IN FINTECH
#WIF d @ InnFin Support our Women in FinTech community
www.womeninfintech.co.uk
FinTech is about the future of finance, and my vision for that future is to see more women in FinTech. Our industry thrives on innovation and on daring to be different, and that should apply to our own community, not just the products and services we offer. I am passionate about making a difference; about making history through creating a new future, not following in the footsteps of others. Innovation in creating and maintaining diversity is an integral part of Hogan Lovells’ culture and strategy and has always been a core value of the firm. We are dedicated to empowering, protecting and advancing the rights of girls and women globally to make a genuine difference in their lives, and we embrace our role as an agent for change in the area of gender equality. This includes the lives of our own people women make up 59% of our global workforce. We believe diversity of thought creates better teams, and better teams mean better solutions for our clients, many of whom also prioritise diversity and women within their own organisations. Many of these clients are in the FinTech sector. Hogan Lovells has been at the heart of innovation within the financial services sector for many years, and as the first law firm to be a Strategic Partner of Innovate Finance we work with its members to support and develop 4
the FinTech community in the UK and around the world. At our Global Financial Institutions Sector Summit on 12th February, which brought together representatives from financial institutions and FinTech companies around the world, the need for collaboration within the industry was a major focus of conversation (42% of delegates acknowledged it as the "end game" for enterprises and entrepreneurs in a panel session poll). We need to collaborate not only to innovate, but to foster and maintain a culture of inclusivity. We need a high-performance culture that values individual contribution, teamwork, innovation and productivity – regardless of where or who it comes from. The FinTech industry prides itself on innovation and on thinking differently about the future. Surely without plurality of thought, which can only stem from a diverse community, we are reinforcing the very limitations we seek to overcome. FinTech is the future. Gender equality is the future. It would be remiss to consider them mutually exclusive.
Sharon Lewis, Global Head of Finance, Hogan Lovells
Erevena are delighted to support Innovate Finance in their celebration of women in Fintech. As one of the UK’s leading technology search firms, we appreciate that gender diversity in the tech sector is a key issue both personally and professionally. Last year we highlighted the commercial and social imperatives driving the diversity agenda as our clients recognised that a more diverse workforce could have a direct impact on revenue. The motivation behind diversity is fast becoming a marriage of social inclusion and good business. Providing aspirational examples of women “bucking the trend” as featured in this publication is invaluable work. However the problem is complex and not easily solved. It is not just “the old boys’ club” or underlying prejudice holding women back from senior roles. The root causes run deeper. One of the reasons Erevena supports Innovate Finance on this issue is its unique position that touches on policy, innovation, industry and education, whether that’s influencing maternity and childcare policy, investing in retraining returning mothers, or introducing equal pay initiatives and supporting flexible working. Our responsibility is twofold: ensuring more women begin the journey to executive level in the first place, and ensuring that more continue on that journey.
FinTech has a unique opportunity to help solve both problems. There is a lack of women considering entering the finance and technology sectors at graduate level, partly due to a perception that these fields are “not for them”. FinTech companies can play a huge role in making science exciting, and inspiring young people to consider careers in finance. FinTech’s ability to ensure social inclusion makes it an inspiring choice for graduates. Technology encourages flexibility, so let’s use it to help more women balance home and work life effectively. Having just had my first child, I never anticipated the reality of juggling a career and home life, but being in a forward-thinking tech company makes all the difference. As we celebrate women in FinTech, we encourage you all to think about the contributions we can make to encourage diversity in our own companies. Let’s use the inspirational FinTech brands we are developing in the UK to inspire young women to enter careers they may not have considered. Let’s make it easier once they are participating - perhaps then the meritocratic all-female executive shortlist that we all dream of will be that much more easily achieved.
Maria Josife, Senior Partner, Erevena
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The UK FinTech industry can be proud of what has been achieved over the past decade. The sector has grown strongly and become regulated as customer engagement has increased. The next ten years could be even more exciting. Yet there is still one thorny issue that the traditional finance industry has grappled with for years but has not been transformed by the FinTech revolution: gender diversity. Investing in the finance sector has remained a largely male dominated activity, but this needn’t be the case. To use RateSetter as an example, roughly two thirds of our investors are male. Even though we have a fresh and innovative business model, male investors still outnumber females: a pattern that many familiar with the investment industry will recognise. In short – it appears that FinTech has inherited one of the traits of traditional finance. Our offering is simple, clear and open to all – you can start investing with just £10. So what is preventing greater engagement amongst women?
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We think this warrants further investigation. We’re constantly exploring the reasons why more women aren’t investing and what action the finance industry can take to improve matters. With a renewed focus on this issue, supported by analysis and debate, and working in partnership with industry bodies like Innovate Finance, we hope to confront this age-old issue and get more women investing. As an industry we are familiar with tackling the problems, frustrations and barriers to participation faced by customers. Working together we can use our skill of taking a different approach to break down those barriers for women in FinTech.
Lucy Bott, Head of Customer Operations, RateSetter
Did you know that there are significantly more FTSE 100 chief executives named John than there are women? The same is true for CEOs called David. Speaking as a male CEO, I readily admit that this disparity is unacceptable and shifting the status quo is one reason why marking International Women’s Day is so important. It’s why we at freuds are proud to join Innovate Finance in celebrating the outstanding achievements of female leaders in the FinTech sector today. I believe that FinTech – characterised by innovative start-ups and financial services determined to do things differently – is an industry perfectly placed to show the rest of the business community what happens when you unlock the potential of a genuinely diverse workforce. The sector is booming: Innovate Finance has attracted over 150 members since launching in 2014 and has cemented London’s reputation as the FinTech global hub. But the success and longevity of the sector (and our wider economy) rests on creating inclusive working environments, so that everyone – regardless of
gender, race or sexuality – has an equal shot of reaching the top. At freuds, we talk a lot about “enlightened self-interest” – enhancing performance and reputation by doing the right thing. Recent research by EY found that companies that have 30% of women in leadership roles could add up to 6% to their net margin, while evidence shows that increasing the number of female leaders in the C-suite benefits the bottom line even further. Ensuring equal access to leadership positions is not only ethically right, it makes complete business sense too. FinTech is a sector full of companies and people embracing change and innovation rewriting the rules on how we invest, distribute and access money. The women recognised in this report are at the forefront of leading this revolution, and their achievements are an example for us all.
Andrew McGuinness, CEO of freuds
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Contents Page Profiles • Amy Nauiokas, Founder and President, Anthemis • Phoebe Hugh, Co-Founder and CEO, Brolly • Marta Krupinska, Co-Founder and General Manager, Azimo • Samantha Ghiotti, Partner, Anthemis • Céline Lazorthes, Founder and CEO, MANGOPAY • Nicole Anderson, CEO, FinTech Circle Innovate • Melanie Johnson, Chairman, UK Cards Association • Terrie Smith, CEO and Founder, DigiSEq • Anne Ravanona, CEO and Founder, Global Invest Her • Clare Flynn Levy, Founder and CEO, Essentia Analytics • Jane Walshe, Director and Co-Founder, Enforcd • Wendy Jephson, Co-Founder and Chief Behavioural Scientist, Sybenetix • Catherine Wines, Chief Operating Officer and Co-Founder, WorldRemit • Susanne Chishti, CEO, FINTECH Circle • Arya Taware, Founder and CEO, Real Funds • Martina King, CEO, Featurespace • Elizabeth Dewhurst, Business Development and Co-Founder, modelogiq • Ana Patricia Botín, Executive Chairman, Santander Group • Monica Kalia, Founder and Chief of Strategy and Business Development, Neyber • Paulina Sygulska, Co-Founder, GrantTree • Dr. Ella Rabener, Co-Founder, Scalable Capital
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Amy Nauiokas
Amy is Founder and President of Anthemis, a leading digital financial services investment and advisory firm. She is a visionary executive, venture capitalist, and a recognised leader in innovation and strategic management across a variety of markets and industries. Amy was previously CEO and Managing Director of Barclays Stockbrokers, the UK’s largest electronic retail broker with £10 billion of
Founder and President ANTHEMIS
assets under management. Amy is a member of the New Markets Women’s Advisory Board at Credit Suisse, a board observer for SeedInvest, board member of We Are Colony, and a board member of Smart Pension. Amy has also served as International Board Chair of Make-A-Wish®, and is a member of the Dickinson College board of trustees.
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Phoebe Hugh Phoebe is the Co-Founder and CEO of Brolly, an insurance tech start-up that uses artificial intelligence to advise insurance customers through a mobile app. Brolly is a game changer for the insurance sector, and is backed by Entrepreneur First and the Financial Conduct Authority’s Project Innovate. Phoebe is also Co-Founder of Ambition First, a diversity and
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Co-Founder and CEO BROLLY
inclusion initiative that supports emerging business talent. In addition to being qualified with the Chartered Insurance Institute, Phoebe has a degree in Psychology from the University of Manchester.
Marta Krupinska Marta is an entrepreneur and avid champion of diversity in the FinTech industry. She joined Michael Kent and Marek Wawro in 2012 to co-found Azimo, a company that is changing the way that people living abroad send money to their family and friends. As General Manager and Co-Founder, Marta oversees day-to-day operations while expanding the business. She is also responsible for all staffing processes
Co-Founder and General Manager AZIMO
and decisions across the UK and Poland, where she opened Azimo’s second office in late 2013. Marta has been recognised by Forbes as one of Europe’s ‘30 Under 30 in Finance’, by Innovate Finance as one of the UK’s ‘100 Most important Women in FinTech in 2014’ and by Puls Biznesu, a leading Polish newspaper, as one of the ‘10 Most important Polish Businesswomen’ in 2015.
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Samantha Ghiotti Samantha is a Partner at Anthemis Group. An industry leader in strategic innovation, she brings a unique blend of corporate, start-up and academic experience to the firm. As a founder of Anthemis’ Advisory practice, she has helped lead the expansion of the business from design to strategic execution. Samantha also plays an active role in Anthemis’ capital raising efforts and strategic relationship building
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Partner ANTHEMIS
across various international markets, bringing a creative, hands-on approach to growing and reinventing business in the Digital Age. Prior to joining Anthemis, Samantha held senior positions at some of the world’s largest financial institutions including the Royal Bank of Scotland, American Express and First Data. She previously served as an advisor to Singularity University and the ESCP Business School.
Céline Lazorthes Céline Lazorthes is the Founder and CEO of Leetchi Group which includes leetchi. com, Europe’s biggest platform for personal crowdfunding, and MANGOPAY, a B2B payment solution dedicated to marketplaces, crowdfunding and the sharing economy.
Founder and CEO MANGOPAY
Deeply engaged in the start-up community, Céline is a founding member of France Digitale, an active business angel and a regular speaker on entrepreneurship and FinTech.
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Nicole Anderson
Nicole is the CEO of FinTech Circle Innovate, a services and solutions provider that helps financial services firms and FinTech companies to collaborate. She is also the Founder of Redland Partners, a consulting and advisory service that supports technology businesses looking to grow in emerging markets or launch a new product or service. Nicole has
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CEO FINTECH CIRCLE INNOVATE
more than 20 years’ worth of commercial experience in software, having worked at SAP, HP, Sage and Nokia, specialising in customer engagement and acquisition, business model implementation, product development and innovation management, brand and go-tomarket strategy implementation.
Melanie Johnson Melanie was appointed as the first nonindustry Chair of The UK Cards Association in September 2009. She was the Labour MP for Welwyn Hatfield from 1997 until 2005 and served under several ministerial posts as Economic Secretary at HM Treasury; at the former Department of Trade and Industry (DTI - now the Department of Business, Innovation and Skills) as Minister for Competition, Consumers and Markets; and latterly at the Department of Health as Minister for
Chairman UK CARDS ASSOCIATION
Public Health. In her time at the DTI, Melanie undertook the first review of consumer credit legislation for more than 30 years and protected consumers against abuse of their rights through the introduction of stop-now orders. She draws on her past experience as she leads The UK Cards Association, championing consumer rights in the industry, and building its reputation as a pro-active trade association.
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Terrie Smith Founder and CEO DIGISEQ
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Terrie is a mobile payments expert with over 20 years’ experience in product development and management. Her extensive experience covers contactless payments and Near Field Communication technology, as well as working with patents. Terrie managed the development of MasterCard’s MOTAPS solution - establishing contactless-enabled payment - and helped shape the MasterCard Digital Enable System (MDES), which is used to support Apple Pay.
Anne Ravanona Anne is the Founder and CEO of Global Invest Her, a global community and platform focused on “demystifying” the funding process to help get women entrepreneurs ready for funding and investment. Anne is a prominent advocate for women and a frequent contributor to Huffington Post and LinkedIn Pulse. As a TEDx Speaker and regular spokesperson for Funding for Women Entrepreneurs, her goal is to raise awareness among investors and women entrepreneurs about the barriers holding both parties back and what can be done to
Founder and CEO GLOBAL INVEST HER
remove them. Anne was recently named one of the ‘26 Great People Spearheading Change in Tech Investment 2016’ and voted one of the ‘Top 100 Women in STEM 2014’ by Silicon Republic. She was also named in the 42 ‘Irish Tech Women Making a Difference’ in 2015 and in the ‘50 Innovators, Influencers, Investors and Companies To Look Out For’ at Websummit 2015 by Irish Tech Republic. Her specialist experience covers access to finance for women entrepreneurs, consulting in gender diversity, and women-led businesses. 17
Clare Flynn Levy Founder and CEO ESSENTIA ANALYTICS
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Clare is Founder and CEO of Essentia Analytics, a financial software company that helps people do a better job of investing. Prior to founding Essentia, Clare spent 10 years as a fund manager. She was also President of Beauchamp Financial Technology - a marketleading provider of portfolio management systems to hedge funds.
Jane Walshe Jane is a Director and Co-Founder of Enforcd, a financial services analysis tool. She is a financial services regulatory barrister and a Fellow of the Chartered Institute of Securities and Investment. She is also the Consultant Editor of ‘Individual Accountability in Financial Services Firms’ (Sweet & Maxwell) and has experience working for the regulator, as well as for regulated firms. As a lawyer in the
Director and Co-Founder ENFORCD
FSA’s Enforcement Division, Jane advised on various issues, including changes to the Approved Persons regime, and aspects of the transposition of the Markets in Financial Instruments Directive. She has recently been working on MiFID2 at Simmons & Simmons – new European Union legislation governing investment services.
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Wendy Jephson Co-Founder and Chief Behavioural Scientist SYBENETIX
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Wendy is Co-Founder and Chief Behavioural Scientist at Sybenetix. She originally trained in London as a lawyer, before moving into business early on. Wendy was on the board at Eli Lilly & Company Ltd before leaving to retrain as a business-focused behavioural scientist. At Sybenetix her role is to help with the design of its Enterprise Behavioural Analytics software. The software analyses the behaviours of financial decision makers and provides tools to both improve performance for those decisions makers and enable compliance officers to manage misconduct more effectively.
Catherine Wines
Catherine oversees the day-to-day running of WorldRemit - an international company that specialises in peer-to-peer lending - including customer service, partner integrations and the launch of new ways of sending and receiving money. As a qualified accountant, she has extensive commercial experience in the money transfer sector and was one of WorldRemit’s
Chief Operating Officer and Co-Founder WORLDREMIT
founding members. Previously, Catherine was Operations and Regional Director for the UK, Ireland and Benelux at Travelex Money Transfer, which was subsequently bought by Coinstar. She has served on the board of the Universe Group, a publicly listed company, where she was also Managing Director of the currency division.
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Susanne Chishti Susanne is CEO of FINTECH Circle, Europe’s first Angel Network focused on FinTech opportunities and FINTECH Tours. She is also Chairman of FINTECH Circle Innovate and Co-Editor of “The FINTECH Book” - the first crowd-sourced book on global FinTech. Recognised in the European Digital Financial Services ‘Power 50’ 2015 - an independent
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CEO FINTECH CIRCLE
ranking of the most influential people in digital financial services in Europe - Susanne was also selected as one of the ‘100 leading Women in FINTECH’ and ‘Top 15 FINTECH UK Twitter influencers’.
Arya Taware Arya is the Founder and CEO of Real Funds - a peer-to-peer lending platform providing alternative finance to Britain’s smaller house builders, a group which has had limited access to finance since the 2008 banking crisis. With Real Funds, Arya is helping to tackle the housing crisis in the UK while simultaneously empowering people by providing them with
Founder and CEO REAL FUNDS
a platform to invest smartly in local property development projects in their communities. Arya is an active advocate of change in the way women think and do business and regularly promotes female leadership in the tech and property industries.
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Martina King CEO FEATURESPACE
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Martina is CEO of Featurespace, a company that launched the ARIC engine – a software system for protecting businesses and customers from fraud. Formerly Managing Director of augmented reality company Aurasma, Martina has an extensive career in media and technology, including leadership roles at Yahoo! Europe and Capital Radio. She is also a non-executive director of Cineworld and Debenhams.
Elizabeth Dewhurst Elizabeth is a Co-Founder at modelogiq GmbH. After graduating with a 1st in Information Management from University College London in 2005 she went on to work for Accenture, HSBC and Vodafone in the UK and the US. After a break to travel the world and a few months of voluntary charity work in Andhra Pradesh, South East India, Elizabeth joined Calastone, a trading network for UK mutual funds. She was instrumental in growing the company from a UK business with a handful of clients to a global organisation of over 600 clients worldwide. Her current focus is the modelogiq suite, an online
Business Development and Co-Founder MODELOGIQ
platform for investors, banks and businesses to create, edit and review financial models. The platform uses powerful proprietary modelling algorithms for the automation of large parts of the modelling workflow, underpinned by extensive in-built financial knowledge. The platform includes tools for the creation and testing of financial models, for the import and export of financial data from Excel, as well as for the preparation of reports.
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Ana Patricia BotĂn Ana is one of the most powerful banking executives in the world. She was the first woman to head a major European lender in September 2014, when she became Executive Chairman of Santander Group of Spain. Prior to this position, Ana was CEO of Santander UK, a role she held from December 2010. She was
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Executive Chairman SANTANDER GROUP
appointed an honorary Dame Commander of the British Empire for her contribution to the financial services sector in 2015. Educated in the U.S., she speaks five languages and has held several leadership positions at the company.
Monica Kalia
Monica is the Founder and Chief Strategy and Business Development Officer at Neyber. She has a long background in banking, running the European Bank’s equity research team at Goldman Sachs. Monica’s strategic approach has enabled her to identify the solution the market needs to revolutionise personal finance and help drive access to
Founder and Chief of Strategy and Business Development, NEYBER
fair banking. Previously Director of European Banks Research at Credit Suisse, she holds a degree in Economics from the London School of Economics and a Post Graduate Diploma in Law from the University of Law, Guildford.
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Paulina Sygulska Co-Founder GRANTTREE
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Paulina is a serial entrepreneur, philanthropist and a Co-Founder of GrantTree, a company helping start-ups with investment and grants. In the last five years the team at GrantTree has grown organically from 2 to 30 people, and the company has raised over ÂŁ30m for more than 500 clients such as Duedil, GoCardless and Market Invoice using government funding schemes such as R&D tax credits and Innovate UK grants. GrantTree is an open culture company which pioneers open salary schemes and fostering an empowering workplace.
Dr. Ella Rabener Ella is an experienced top-management consultant and e-commerce entrepreneur. She is the Co-Founder of Scalable Capital, which is set to disrupt the finance sector in Europe based on its innovative business model and is funded by a range of high-calibre investors.
Co-Founder SCALABLE CAPITAL
Prior to setting up Scalable Capital, Ella spent three years launching and building Russia’s number one online store for home and living products. She also recently followed her passion for luxury design and launched her eponymous brand for limited edition handbags.
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GLOBAL SUMMIT 2016 MAPPING THE FUTURE OF FINTECH
Global Participation: 1500 + key decision makers in FinTech and financial services Member and Community Pavilion: 150 + FinTech startups and global FinTech hubs exhibiting at #IFGS2016 Plenary Stage: VIP keynotes and compelling panel discussions from FinTech visionaries Innovate Finance Member Showcase Stage: Dedicated stage featuring demos and discussions showcasing the best in FinTech by our members Bespoke Sessions by Programme Partners: Workshops and roundtable discussions by world-class organisations
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