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Hi, fintech fam! 💜

I just dropped an article in Forbes showcasing 17 incredible fintech companies founded by women, for women.

Writing the article reminded me of the power of content and storytelling to make our voices heard, share our game-changing strategies, and build the communities that fuel our triumphs.

At Fintech Is Femme, we’re masters at this, especially with our epic event series.

And this September, I’m beyond thrilled to produce The Fintech Is Femme Creator Summit! It’s the ultimate gathering for founders, marketers, and operators who are trailblazers in content and marketing.

Curious? Check out the details below – I can’t wait to see you there!

Now, let's dive into the latest news!

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#TRENDING

What’s Up In Fintech

Every Thursday, I share the latest news and trends in fintech. Get the most important updates to stay informed about the industry easily.

#1 New Legislation Aims to Protect Consumers from Payment Scams

 Congresswoman Maxine Waters, a leading Democrat on the House Financial Services Committee, has introduced the “Protecting Consumers from Payment Scams Act.” This legislation aims to close existing legal loopholes and target payment scams by enhancing consumer protection when using digital payment platforms.

The proposed legislation, introduced on August 2, aims to protect consumers who fall victim to scams when making payments through platforms like Zelle and Venmo.

The current Electronic Fund Transfer Act of 1978 (EFTA) only protects customers from unauthorized transfers, such as when a credit card is stolen. The new legislation aims to close these gaps, protecting consumers from liability when they are tricked into authorizing a transfer to scammers.

“Fraudsters are using every trick in the book to steal money from hard-working consumers through payment apps,” Congresswoman Waters stated. “The ‘Protecting Consumers from Payment Scams Act’ will clarify critical provisions in the law to give consumers the peace of mind to know they are protected if they are tricked into sending money to fraudsters.”

The bill suggests removing a rule that exempts bank wire transfers and letting the victims' banks get money back from the banks that received the stolen funds. Right now, banks don't have to pay back customers who are tricked by scammers, so many people can't get their money back.

Why It Matters

This legislation is part of a broader effort to modernize consumer protection laws and address the growing concern over payment app fraud. Rep. Waters sponsors it in the House, and Sens. Richard Blumenthal and Elizabeth Warren sponsor it in the Senate.

Despite its potential impact, the bill faces opposition from the banking industry and uncertain prospects in a Republican-controlled House.

Last year, consumers and small businesses sent $806 billion via Zelle alone, a 28% increase from 2022. However, consumers reported losing $210 million to fraud on payment apps and services in 2023—a 62% increase from two years ago. Bank transfer fraud losses soared nearly 150% to $1.9 billion over the same period.

Despite these staggering losses, only 12% of consumers were reimbursed for Zelle payments disputed as scams, according to a recent investigation by the Homeland Security & Governmental Affairs Permanent Subcommittee on Investigations.

The report also revealed that JPMorgan, Wells Fargo, and Bank of America rejected $560 million in scam disputes from 2021 to 2023.

#2 Parlay Joins Mastercard’s Start Path to Boost Small Business Lending

Parlay, a small business loan intelligence system, is one of nine startups that are joining Mastercard’s Start Path Small Business, a four-month program that aims to help startups drive impact for small businesses.

The Start Path portfolio includes more than 430 companies from 57 countries, many of which are entering public markets.

Founded by Alex Mcleod in 2022, Parlay helps underserved small business owners, particularly women, access affordable loans. The platform aims to assist these businesses in applying for SBA 7(a) loans by creating high-quality loan applications that increase their chances of approval.

Parlay generates revenue through partnerships with community lenders, such as community banks, credit unions, and Community Development Financial Institutions (CDFIs), which offer their small business applicants a white-label version of Parlay's software.

The platform evaluates eligibility at the application stage. It provides applicants with valuable guidance, insights, industry benchmarks, and financial ratios to help them build confidence and readiness, ultimately increasing their chances of loan approval. Parlay's user base consists of over 40% women.

Why It Matters

Small businesses are the backbone of the U.S. economy. According to 2023 data from the Small Business Administration, 33.3 million small businesses employ about 61.6 million workers and play a crucial role in keeping the country running. In fact, small businesses generate 44% of the nation’s economic activity.

However, the journey isn’t easy. We’ve all heard the statistic that “90% of startups fail.” Securing the necessary capital is even more challenging for women and minority-led businesses.

Diverse-owned firms are more likely to be denied bank loans and often face higher interest rates when they do get credit. Despite making up a third of all small companies in the U.S., women-owned ventures receive only 16% of conventional small-business loans and 17% of SBA loans.

According to the SBA, small businesses with 500 or fewer employees make up 99.9% of all U.S. businesses and 99.7% of firms with paid employees.

From 1995 to 2020, small businesses created 12.7 million new jobs, accounting for 62% of all new jobs compared to 7.9 million created by large enterprises.

A 2019 SBA report found that small businesses accounted for 44% of U.S. economic activity. Without them, the American economy and workforce would look very different.

Small businesses are not just numbers; they’re the heart of our communities, fueling innovation and creating opportunities. Supporting them means supporting the entire economy, which we can all get behind.

#3 Commonwealth’s Pilot Project Aims to Make Investing More Inclusive

While working at InvestmentNews a few years ago, I covered Commonwealth’s Investor Identity work. Recently, they reached out to share the final piece of that exciting project.

With help from the Nasdaq Foundation, Commonwealth, a national nonprofit, is working to create financial security and opportunities for people who are struggling with money. They recently finished a project to make investing accessible to those usually excluded.

For a year, the project followed over 850 first-time investors with low to moderate-income (LMI) across three popular investing platforms—Stash, Ellevest, and Public.

The goal?

To figure out what attracts, motivates, and sustains new investors so they can feel at home in the investing world.

While technology has made investing more accessible, there are still big gaps, especially for Black, Latina(o), and women investors. Investing in capital markets is seen as a key step toward closing racial and gender wealth gaps.

Commonwealth found that many women and people of color see “investor identity” as a barrier. Even though two-thirds of working women with LMI want to invest, fewer than 40% actually do.

Key Findings:

Comfort with Risk: Half the participants felt more comfortable with risk after a year of investing. They realized they didn’t need as much money to start, and investing wasn’t as hard as they thought. 71% agreed it was easier than expected.

Financial Control: Participants were nearly twice as likely to feel investing gave them greater control over their financial future. They were also twice as likely to feel they belonged in the investing community.

Educational Tools: 60% of those who used educational tools felt a sense of belonging by the end of the program.

Conversations Matter: 67% of those who talked about investing with others felt a sense of belonging, compared to just 32% who didn’t. But, offline interactions with people uninterested in investing can be discouraging, while large online forums can feel overwhelming.

Emergency Savings: Emergency savings were more important than income for keeping new investors on board. Those with less than $500 saved often withdrew their investments early, while 72% of those with more savings stuck with it.

Representation: People who didn’t feel represented in ads felt less like they belonged in the investing world. Women are about half as likely as men to feel represented. Representation was also about race, gender, age, and income.

Commonwealth also created a toolkit for providers, offering resources to help make the investing world more welcoming and supportive.

Why It Matters

Investing can be a powerful way to build wealth, but it hasn’t always been accessible to everyone.

This project shows how important it is to create an investing environment where everyone feels represented and supported.

Financial platforms can better support underrepresented groups when they understand what encourages or discourages new investors.

With more access and representation, more people can harness the wealth-building power of the capital markets, helping to close racial and gender wealth gaps.

For my friends building fintech startups in wealth management and investing, it’d be a good idea to take a look at the full report here.

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Join us every Thursday to stay updated on the top fintech events each week! These events are a great way to network, learn, and connect with our fintech community. Let's fill our calendars with these awesome events - I would love to see you there! If you have an event to share, please inform me!

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​The FINTECH IS FEMME CREATOR SUMMIT

​For founders, business leaders, content creators, and entrepreneurs.

​Join us in NYC on September 9 for a day filled with actionable insights and thoughtful connections to take your business and career to the next level.

​Why?

​Business leaders are content creators, and content creators are business leaders.

​This Summit bridges the gap between business leadership and content creation.

​This event is the largest gathering for business leaders eager to leverage the power of content for growth and for content creators who aspire to build thriving businesses.

​Our speakers (to be announced soon!) have built and scaled profitable startups and businesses through the power of content creation while managing their growing businesses with the power of fintech.

​ If you're looking to:

• ​Meet other ambitious business leaders and creators

• ​Learn how to use storytelling as a driver for scale

• ​Build a stellar personal brand that amplifies your career

• ​Master monetizing your work (sustainably)

• ​Network with the most insightful leaders in the industry

Don’t miss out on this unique opportunity to elevate your skills and career! The early bird sale ends this Friday, so be sure to register now to save 50% off general admission.

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🎵 Childish Gambino - Lithonia

Donald Glover just released the best emo rock song in the last 15 years. I love it so much and wish he made a whole album of songs like this.

Here are a few more ways I can help you:

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📚 Increase your expertise by pre-ordering your copy of my book, Fintech Feminists: Increasing Inclusion, Redefining Innovation, and Changing the Future for Women Around the World.

That’s all for now! See you Tuesday!

Love,

Nicole 💜