Fintech doesn’t need more diversity panels; it needs capital and trust for women

Let’s be honest: fintech loves talking about diversity. Panels, hashtags, initiatives, you name it. But on the ground, Adrian Drinceanu from RoFintech says things aren’t moving fast enough.

Let’s see why.

In 2024, women-only founding teams in Europe received just 12% of total VC funding, around EUR 5.76 billion across more than 1,300 rounds, according to the Female Innovation Index. Meanwhile, 82% of capital still flows to all-male teams, per PitchBook. Despite years of awareness campaigns, this distribution has barely shifted, just one percentage point over the last five years, as confirmed by Atomico’s State of European Tech.

The women are present at pitch events, in accelerators, building high-performance startups. The funding? Not so much.

And no amount of well-meaning panels is going to fix that.

We don’t have a pipeline problem. We have a pipeline blockage.

There’s this tired excuse that women don’t apply, or aren’t interested, or that they ‘just need more mentoring’. I’ve lost count of how many times I’ve heard that. In reality, women-led fintech teams often get questioned harder on risk and traction, while their male counterparts are asked about vision and growth potential.

But the data shows something else entirely: women are applying, building, pitching, and still not getting funded.

In fact, research from the Harvard Kennedy School shows that investors tend to ask different types of questions based on gender: women are asked about risk and loss, while men are asked about vision and gain. This difference in framing leads directly to less funding for female-led teams, even when business performance is equal.

It’s subtle, but it happens constantly.

The women are already here; they just get overlooked

Let’s drop the idea that women are still trying to ‘break into’ fintech. They’re already building it. And they’re doing so across sectors, countries, and technologies.

In Romania, Ana-Maria Georgescu co-founded Smart Fintech, the first Open Banking platform authorised by the National Bank. In France, Céline Lazorthes launched Leetchi, a group payment app used by millions across Europe. In Spain, María González Mans leads Tucuvi, whose AI-powered virtual nurse is actively helping reduce hospital readmissions.
Anne Boden, founder of Starling Bank in the UK, built not only a challenger bank but a full-stack banking engine now powering Romania’s Salt Bank.

And in Finland, Monica Liikamaa, co-founder and co-CEO of Enfuce, is scaling a card issuer processing business aiming for EUR 10 billion in ARR by 2035.

These are not feel-good ‘female founder’ stories, token names, they’re serious businesses driving serious innovation. The only reason we’re still talking about them as ‘exceptions’ is because the system keeps underestimating them and fails to normalise their success in the narrative of fintech growth.

Capital, culture, and concrete change

If fintech wants to be truly innovative, it has to stop playing by old rules. That means doing more than just celebrating women. It means investing in them. Here’s what that looks like:

Rethink deal sourcing:

• If 90% of your pitch pipeline is male, the problem isn’t merit. It’s access. A Diversity VC study found that only 13% of European VC partners are women. This directly affects who gets seen and backed. Expanding sourcing channels through accelerators, founder communities, and universities creates visibility and improves selection.

Back female-led funds:

• Data from Kauffman Fellows and All Raise show that female VCs are twice as likely to invest in female founders. If you want different results, you need to support different gatekeepers. Allocators of capital shape the face of the industry. Supporting women in LP and GP positions is one of the fastest ways to break the cycle.

Prioritise results, not just representation:

• Female-led teams have been shown to deliver better returns per dollar invested and demonstrate higher resilience during downturns. This is supported by research from BCG and MassChallenge. Yet they remain underfunded. It’s time to let metrics, not bias, drive decisions.

Stop hiding behind ‘we hire based on merit’:

• ‘We hire based on merit’ only works if everyone starts from the same line. In reality, most founders do not. Structural inequality affects access to capital, networks, and time. Real meritocracy begins with equitable opportunity, not with assumptions of neutrality.

Enough awareness. Let’s talk accountability.

Inclusion isn’t about having a nice gender split on your speaker lineup. It’s about changing who gets the microphone, who gets funded, and who gets the benefit of the doubt.

Fintech moves fast. We pride ourselves on being ahead of the curve. But when it comes to gender equity, we’re still stuck in legacy mode.

So here’s my challenge:
If you’re a VC, track your portfolio gender balance, and then do something about it.
If you run a fintech accelerator, make room for founders who didn’t go to the same schools or hang out in the same LinkedIn circles.
If you’re a journalist or ecosystem builder, don’t just spotlight women during March. Feature them for the traction they’re building in July, October, or anytime their metrics warrant it.

This is fintech’s chance to do better

We have the chance to build systems that are smarter, fairer, and more open than traditional finance ever was. But that won’t happen if we keep telling the same safe stories.

Let’s move beyond representation. Let’s talk about the redistribution of capital, trust, and opportunity.

Because when women succeed in fintech, it’s not just about diversity. It’s about better products, stronger teams, and ultimately, a more inclusive economy that works for everyone.

About author

About RoFintech

The Romanian Fintech Association (RoFintech), founded in January 2020, represents the interests of Romanian startups developing proprietary technological solutions in the financial services sector. The association aims to accelerate digitalisation, support access to capital, and enhance the international competitiveness of Romania’s fintech ecosystem.

RoFintech acts as a bridge between the industry and authorities, promoting a regulatory environment that fosters innovation, facilitating strategic partnerships, and actively contributing to the internationalisation of its member companies. The institution is a founding member of the European Digital Finance Association and collaborates with key institutions in Romania and the EU to drive the digital transformation of the financial sector.

About FINE

FINE (Fintech Investor Network & Ecosystem) is an independent platform dedicated to fostering cross-border fintech collaboration, regulatory dialogue, and industry growth across Europe. FINE connects fintech companies, policymakers, and financial institutions to promote best practices, innovation-driven regulatory frameworks, and market expansion opportunities.