The statistics portal Statista shows that the total consumer spending of women worldwide in 2013 was 29 trillion U.S. dollars and forecasts for 2018 that women will spend globally about 40 trillion. A 37% increase over the past 5 years.
The existing gender gap in compensation, in funding and in team diversity, is at the same time a huge opportunity that is highlighted more often. From business media and from capital seeking undiscovered and undervalued investment opportunities.
This is the second monthly post on this broad topic that not only focuses on women in decision making positions in Fintech but also in the underserved womens market. The January list of ten is here.
This month, my picks are overweight in women-led ventures in financial advice, consumer and business needs. From savings to retirement, and AI for financial advice. From loans, mortgages, and charity. From small business banking to digital asset data for businesses.
Women all around the world designing financial services
Chandrima Das out of Singapore is the founder and CEO of Bento, a B2B and B2B2C advisor offering custom built portfolios at a low cost. The team is heavily focused on transparency and client education towards recognizing the so common investment biases that lead to suboptimal investment results.
Romina Saviva out of the UK, founder and CEO of PensionBee, an online manager for pension consolidation and management. The platform is a hybrid approach and has created the concept of Beekeepers, that are community members (not necessarily financial advisors) assisting other PensionBee customers.
Nora Apsel, co-founder of Morty, a mortgage marketplace that allows homebuyers to shop, compare — and close — any loan product from any lender, completely online. The mission is to make the home buying process less scary and intimidating that it is. Offer more options, more transparency and contribute to competition. Allow consumers to find what is right for them.
Yihan Fang, is CEO of Yirendai, a leading online P2P marketplace focusing on personal finance needs in China that was spun off from Credit Ease. It IPO’d in Dec 2015 on NYSE (YRD). Probably one of the few women in this P2P sub vertical, competing with Alibaba, Baidu, JD, Hexindai, China Rapid Finance. “Chapeau”.
Blockchain & Crypto
Ambre Soubiran, out of the UK, founder of Kaiko, a company offering digital assets financial trading data, covering all major cryptocurrencies exchanges and all listed pairs. As crypto grows into an asset class, the need for historical and real-time data is also growing.
She is concerned about the number of new entrants in the crypto space who are raising purely speculative, HFT-style funds without a strong base of knowledge from trading traditional markets, and without a deep understanding of digital assets. She worries when we will see major losses due both to bad trading and poor security practices.
Reflections from the playlist
Women focus more on educating customers rather than simply executing for them or telling what to do. Women focus more on seemingly “small change” problems like saving and consolidating. Women focus more on dreams come true and goal setting, even though it may take longer to see the results. Women do find ways to have fun and have impact (luxury brands and charity combos). Women think differently about accuracy, safety, and risks.
A wonderful quote for “shy” women from Arianna Simpson:
“There’s a certain power that comes from being underestimated”
Women are fundamentally different to men and, when it comes to cybersecurity, one thing is certain…IF YOU’RE SHORT ON WOMEN YOU’RE LESS SAFE.
Jane is an MD at Cyber Security Capital, whose mission is to empower, train and mobilize a gender diverse cybersecurity workforce.
Stay tuned for more next month.
Efi Pylarinou is a Fintech thought-leader, consultant and investor.
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