According to a report published by the Inter-American Development Bank and Finnovista, 35% of Latin American fintech companies have been founded by women. This is an encouraging and contrasting figure when compared to the world average which is only 7%.
One of these companies is Reworth, which was co-founded by Chiara Sheldon and her technology team. Reworth has many women in leadership roles in areas such as Data Science and Front-End Development.
Reworth is a startup that emerged in the midst of the pandemic. It was created to address the problems that many entrepreneurs and business owners had to face during this turbulent time. The goal was to reactivate sales from cashback, connecting businesses with financial institutions.
Why is it relevant that there are more women in fintech?
One of the main reasons that there should be more women in fintech is diversity. Companies led by women have more varied teams and this helps to generate more comprehensive and effective solutions. Having a more diverse team can harness many different perspectives.
Turns out: 38% of organizations founded by women look harder for financial inclusion, compared to 31% of those founded by men.
An APLI study says that only 9 out of every 100 startups in Mexico have a woman as a director. The situation becomes even more worrisome when we discovered that companies founded or co-founded by women receive about 15 percentage points less in funds than those formed by men. No matter what preparation and dedication you have.
Furthermore, while there is a higher average of women in fintech, there are other areas where participation is very low, such as in leadership and technology.
More companies are needed that have a vision of female diversity and empowerment. With a vision of inclusion and gender parity, Mexico will continue to gain ground in the fintech industries.
Reworth has already been named by Platzi as one of the 100 most promising Latin American startups of 2021.
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