Chargebacks911—the world’s leading chargeback technology platform—is building on the strong momentum for diversity and inclusion in FinTech in 2024, as it seeks to recruit new female mentors and mentees for its sister brand Fi911’s LIFT: Empowering Women in Fintech micro-mentorship programme aimed at helping women break into and excel in the finance, technology, and payments sectors.

While the industry has made great strides forward for female representation, there are still challenges for women in these fields. According to a study from Cambridge University, women account for just 4% of CEOs, only 18% of executive committee members, and a mere 7.7% of entrepreneurs within fintech.

Chargebacks911 Founder and CEO, Monica Eaton, noted: “While the industry drive for gender balance in the boardroom is playing out, we must also ensure that they also reflect the diverse customers and societies that we serve. Clearly, it’s a work in progress, but we have seen the gap closing in recent years, which is encouraging. That’s why we created the LIFT programme to help build on the momentum we’re seeing with diversity in fintech.”

The LIFT programme serves women in the finance, technology, and payments sectors, and empowers mentees to decide how and when they need extra support. Wherever they are in their career, mentees can request a no-cost video chat with elite women from all corners of the industry to gain specific insights and actionable takeaways that will aid them in their career development.

The genesis for the LIFT programme was not just for those rising up the ranks but also for like- minded female entrepreneurs to give experience, knowledge and lessons back. 

“It’s unsurprising that many young women are unable to see themselves as potential leaders in FinTech, so we facilitate one-on-one meetings with women who are industry leaders and entrepreneurs from the likes of The Access Group, NatWest and Microsoft. Mentees can discuss challenges and pressure points, as well as get advice from established industry professionals,” says Eaton.

However, away from the top jobs, there is a more positive picture between men and women in early roles. A Financial Times analysis found that 49% of entry level roles and 44% of junior level roles are women. This number drops again to 40% for manager level, while there are twice as many men as women at the director level. This paints a stark picture for the barriers for women as they move up the industry ladder. 

Eaton, a self-made entrepreneur who was recently recognised as one of 20 professionals selected as the Most Influential Women in Fintech for 2024, part of American Banker’s continued coverage of the diverse nature of the finance community, offers key advice to women entering and growing in the space. 

“I’m a member of a number of organisations, such as Women in Technology International, the American Business Women’s Association and the Fintech Diversity Radar. These organisations are targeted at serving women in the industry and are great resources to help them build out their networks,” says Eaton. “As part of these groups, we’ve seen a lot of improvement in the last decade but there is still a long way to go to both encouraging girls and young women to pursue STEM subjects that will set them up for the FinTech, payments and tech fields, but also continue to open doors for them throughout their careers.”