Hi, fintech fam! 💜

It’s official—I finally submitted my manuscript for Fintech Feminists, the book!

I’m exhausted from spending so much time working on it, but I can't wait for you to see the final product this October! (You can Pre-order your copy here!)

Now, I’m gearing up to see you all in person for our next big event: The Fintech Is Femme Founders Summit on June 3 during NY Tech Week.

We have a stellar lineup of speakers coming your way, including fireside chats with ​Stephany Kirkpatrick, Founder and CEO, Orum and ​Lisa Carmen Wang, Founder and CEO of Bad Bitch Empire, an investment platform building unapologetic worth and wealth for women.

Come through! Grab your ticket here.

WHY UPGRADE?

There’s a big difference in how the mainstream media covers fintech and how I do. Every week, I will provide you with the latest fintech news (minus the BS), profiles of inspiring women in fintech, and insightful analysis to help you stay ahead of the competition.

For our premium members, I send out updates 3x a week through our new column, "On Performance.” These columns will provide tactical advice to improve your entrepreneur and business leader performance.

Plus, premium members support female-led journalism and keep this work going. Because of your support, Fintech Is Femme is more than just a newsletter; it's a media empire and community for women to connect, learn, and support one another.

INNOVATION

Using AI To Unlock The Care Economy

On October 9, 2023, history was made when Claudia Goldin became the third woman ever to receive the Nobel Memorial Prize in Economic Sciences.

This huge achievement came from her groundbreaking research into women's progress in the workforce.

Goldin dug into two centuries of American data, documenting women's historical journeys in the labor market and pinpointing the root cause of the gender pay gap.

Many people think the pay gap between men and women is due to women’s choices regarding education or occupation.

But Goldin’s research tells a different story. She found that when men and women start working in the same job with the same college education level, they earn the same wages.

So, it’s pretty unreasonable to assume that women are willingly choosing lower-paying jobs.

Goldin’s work shows that pay equity takes a nosedive after a woman has her first child, and the gap keeps widening.

This disparity largely results from societal norms and expectations that push women to be the primary caregivers for children.

It’s a clear reminder that to achieve true gender equality in the workplace, we must tackle the earnings disparity and the heavy caregiving burdens within households, especially those tied to motherhood.

And we can use artificial intelligence to do it.

Sheila Lirio Marcelo understood the value of bringing tech to the care economy from her experiences long before it became a $6 trillion industry.

The care economy covers paid and unpaid labor, including individuals who provide care services to those who can’t support themselves, like children and older adults.

The lack of innovation in the care economy hits women the hardest.

Lirio Marcelo grew up in the Philippines, surrounded by her parents' diverse business ventures.

She saw everything from trucking and rice milling to real estate and sugar, gaining valuable insights into various industries.

The country's matriarchal culture meant she was exposed to many strong female role models, including a female president and numerous female CEOs.

Her parents decided to immigrate to Houston, Texas—moving a family of eight to the US. After a few years in the States, her parents sent her to live in the Philippines, which gave her a strong connection to her roots. This experience would be her grounding force.

Like many children of immigrants, Lirio Marcelo’s parents had specific careers in mind for their kids to ensure a level of stability they had never experienced.

As typical Asian immigrants, they envisioned roles like doctor, dentist, accountant, or lawyer for their children—with Lirio Marcelo earmarked as the future lawyer from a young age. (My Filipina mother had similar expectations for me to go to law school too—sorry mom).

While in college, she found herself unexpectedly pregnant during her sophomore year, which was not a part of her life plan.

She pushed on and continued to receive her diploma—and even attended Harvard Law School (what like, it’s hard?)

She also gained a full understanding of how hard it is to combine young motherhood, academia, and her career.

Lirio Marcelo relied on her parents for child support until her father's heart attack.

She struggled to find dual care solutions via the Yellow Pages and saw the need for a central care matchmaking service.

So she decided to pursue entrepreneurship and built Care.com—a subscription service that addresses families' real pain points, like finding reliable caregivers.

When Lirio Marcelo first started building Care.com, she admits she felt insecure about being judged as a female founder and a business founder tackling a predominantly female pain point.

A “babysitting company,” people would say to her.

However, with a confidence boost from her mentors, she decided to move forward, influenced by three key factors:

• a solid business model based on research and experience,

• her connection to the problem,

• and staying true to her core values and passions.

Launched in 2007, Care.com is an online platform that connects families, caregivers, and employers for child care, senior care, housekeeping, pet care, and more.

Today, over 14.1 million members in 16 countries use Care.com to meet their caregiving needs. The company has raised over $110 million in private venture funding, using the capital for marketing and acquiring four companies to expand and grow.

In January 2014, Lirio Marcelo made history by becoming the first Asian American woman to take a company public and the seventh woman ever to do so.

It's worth noting that throughout stock market history, only 40 women have taken a company public, and less than 25 of those companies were founded solely by women.

The numbers become even more striking when you look at data since 2000—on average, only one female-led IPO has occurred per year, which is a dismal ratio of 0.49%. 

This becomes almost negligible when considering the first IPO dating back to 1602.

Looking back at her IPO day, Lirio Marcelo tells me,

“I just wanted to prove that a company with social impact could grow and be profitable and serve people. That was one of my key drivers.” 

Her unwavering dedication to this mission led her to sell Care.com amidst the unprecedented challenges of the 2020 pandemic.

Lirio Marcelo oversaw IAC's acquisition of the platform for a staggering $500 million.

AI For Chief Household Officers

After Care.com was acquired in 2020, Lirio Marcelo shifted her focus to policy and advocacy, exploring next-generation technologies with a social impact.

She delved into artificial intelligence and saw the potential of generative AI to create value for businesses and society.

A light bulb went off in her mind: “Can this technology be applied to assist families?”

With 20 years of experience in family care, Lirio Marcelo recognized that daily care coordination was a persistent challenge that AI could finally address.

She emphasized the economic importance of maximizing household productivity, particularly for women, who spend significantly more time on household tasks than men.

She noted, “If we could save one hour of women's time at home, it could lead to potential savings of about a trillion dollars annually.”

Driven by the unmet needs of women and families, Lirio Marcelo launched Ohai.ai in January 2024.

This virtual assistant streamlines administrative tasks and daily care coordination, catering to the “chief household officer” who manages calendars, plans appointments, and oversees family well-being.

Ohai.ai, affectionately dubbed "O," helps alleviate the mental load of managing family schedules and delegating tasks.

In a world where work and home life boundaries blur, Ohai.ai aims to optimize users' time.

Combining AI with human input, "O" offers free basic services like daily schedule summaries and family calendar alerts.

Advanced features, available for under $30 per month, include automatic event scheduling from scanned texts or photos, task delegation, and list management.

Lirio Marcelo founded this startup to tackle pressing challenges like gender inequality and financial disparities women face.

As an entrepreneurial mother managing a household and raising two boys, she understands the immense burden women carry as chief household officers.

She acknowledges that scheduling routine tasks amidst daily chaos is challenging, even with her qualifications and expertise. This highlights the often undervalued and overlooked unpaid labor of women.

A 2020 Oxfam report revealed that women would have earned $10.8 trillion if paid minimum wage for their unpaid work, three times the value of the global technology industry.

In the US, women spend 37% more time on unpaid care than men, significantly limiting their career options, income, and social mobility.

The unequal distribution of unpaid labor affects mental health and well-being, especially as stress and burnout rates rise.

AI can ease this cognitive load on families, particularly mothers, saving them valuable time.

Ultimately, Lirio Marcelo’s latest venture is set to revolutionize household management and care coordination, addressing gender inequality and supporting women's vital role in managing family life.

“As my friend and colleague, Ai-jen Poo eloquently puts it,” she said. “Care is what makes all work possible.”

If you love this story, pre-order your copy of Fintech Feminists. You’ll be able to read Sheila’s detailed story with tactical advice for thriving, raising, and building as a founder.

_{WTF ELSE?}

• Stash goes B2B with StashWorks

• Glia launches first responsible AI platform purpose-built for financial institutions

• GameStop and AMC see meme-stock frenzy ease after Roaring Kitty-fueled rally

_{I WANT IT, I GOT IT}

• 📚 Today’s Read: So many books informed a lot of the development of Fintech Feminists. One of those is Invisible Women by Caroline Criado Perez—an incredible piece of research covering the data bias in a world designed for men.

• 👀 Today’s Listen: It’s AAPI month. What better way to celebrate than listening to Pinays Without A Pause — this episode featuring yours truly and hosted by my bestie Aubreyne Brizette Tolentino!

_FINTUNES

🎵 I Care - Beyoncé

Felt right for the theme of today’s newsletter. Also, this is such an underrated Beyonce banger.

That’s all for now! Stay safe, everyone. Hug your loved ones. See you Thursday!

Love,

Nicole

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