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Fintechs form coalition to fight racial inequality

Some of fintech's biggest names - including Credit Karma, Monzo and Varo - have joined a new coalition to fight racial inequality in the industry.

Tochukwu Egesi
Tochukwu Egesi

With the Black Lives Matter movement gathering momentum in the wake of George Floyd's killing in May, the fintech sector, like many others, has been reflecting on its own failings when it comes to race.

Spearheaded by Betterment, the new Fintech Equality Coalition is vowing to actively fight inequality within the industry and wider society.

Specifically, the group acknowledges that the black community is underserved by financial services. In response, it says it will work on partnerships, education and outreach to make sure products and services are accessible.

Image Credit: Stock Image


To amplify black voices, the coalition says it will host, sponsor and participate in forums and events that feature black speakers and address topics specific to the community.

To improve recruitment, members say they will boost outreach across departments and seniority levels, enhance professional development programmes, and augment interviewing practices to mitigate potential bias throughout candidate assessment.

Finally:

"Because these promises are meaningless without accountability, we will each publish our individual plans and provide regular updates on our progress toward these commitments."

Ryan Williams, CEO, Cadre, says:

"Those of us in the financial services technology industry have a special understanding that social and economic justice go hand-in-hand, and I'm pleased to join the Fintech Equality Coalition's collective commitment to lead the way with scalable change and solutions."

The coalition comprises of: Cadre, Carver Edison, Credit Karma, Divvy Homes, Dosh, Earnest, Fabric, Freedom Financial Network, Jetty, Kindur, Marqeta, MoneyLion, Monzo, Nova Credit, Rhino, SoFi, Spruce, Stash, Tally, and Varo.

Financial inclusionDigital inclusion

Tochukwu Egesi

Financial Services Strategy & Digital Economy Specialist (Scribing in Personal Capacity)