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Hey, fintech fam 💜

Like many of you, I’m feeling distracted and heavy with everything happening in the world right now.

As someone who reads Fintech Is Femme and shows up here week after week, you matter deeply to me. I want this to remain a space where people feel safe, seen, and respected. Fintech Is Femme was built by children of immigrants, immigrants, and people who have had to fight for space, opportunity, and dignity. That perspective isn’t incidental—it’s foundational. As a company, we believe ICE has no place in our communities.

I believe diversity—in all its forms—is what drives real innovation. Many of the most iconic fintech companies were built by founders who had firsthand experience with economic pain, broken systems, and a deep desire to fix what wasn’t working. Those are the stories I’ve spent years reporting on—and the leaders I profile in my book Fintech Feminists.

When things feel overwhelming, I’ve learned that the most meaningful response is action—one step at a time, at the pace you can manage. Building what we’re building together matters. Creating economic access, community, and opportunity is one of the most powerful ways to push back against injustice.

Today’s story is a reminder of the economic power we risk losing—and the role fintech can play in creating pathways to stability, ownership, and wealth.

P.S. Major event update: We’re officially moving the FEMMY Awards to March 2, kicking off Women’s History Month with a big, intentional celebration.

We realized our original date, February 16, fell on Presidents’ Day and posed challenges due to school closures—so we listened, adjusted, and leaned into something even better. What better way to open Women’s History Month than with a gala celebrating the women shaping fintech?

Let’s get into it. ✨

_#SPONSORED

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_{ON INNOVATION}

Immigrants Are America’s Secret Sauce: How Fintech Can Help Us Tap Into This Economic Power

Small businesses are the lifeblood of the U.S. economy—33.3 million of them, to be exact. They employ around 61.6 million workers and account for 44% of the country’s economic activity, according to the Small Business Administration.

What many overlook, though, is that a significant portion of these businesses are immigrant-owned.

Immigrants are the driving force behind much of America’s growth and innovation. For centuries, immigration has been the secret sauce of American prosperity—fueling everything from billion-dollar tech startups to small businesses. Yet, despite this, immigrants have long been scapegoated and misunderstood.

A persistent myth is that immigrants are a drain on the economy. In reality, they are an economic engine. The Congressional Budget Office estimates that immigration—documented or not—will boost America’s GDP by $7 trillion over the next decade.

That’s a massive number, a long-term benefit we can’t afford to ignore.

Undocumented immigrants, in particular, pay billions in taxes but don’t receive any government benefits, making them a net positive for the economy.

So, where does fintech come into play? Immigrants are more than just contributors—they’re entrepreneurs. Immigrants are 80% more likely to start businesses than U.S.-born citizens.

In fact, 40% of Fortune 500 companies were founded by immigrants, and 55% of America’s billion-dollar startups have an immigrant founder.

According to the New American Economy, over 3.2 million immigrants run their own businesses, comprising one in five entrepreneurs in the U.S. These businesses employ nearly 8 million American workers and generate $1.3 trillion in total sales.

And these aren’t just mom-and-pop shops.

Immigrant-founded companies, like Uber (co-founded by Canadian immigrant Garrett Camp) and Avant (co-founded by refugee Al Goldstein), are valued in the billions, employing thousands nationwide.

What is the collective value of the 50 largest immigrant-founded companies? A staggering $248 billion. That’s more than the combined market value of the publicly traded companies in countries like Argentina, Colombia, and Ireland.

America’s ability to attract international talent, especially international students, has played a critical role in this entrepreneurial boom. About 22% of billion-dollar startups were founded by people who came to the U.S. as students.

Then there’s the next generation—immigrants’ children. Six billion-dollar companies were started by immigrants who came to the U.S. as kids, including Affirm, Discord, and Warby Parker. Another company, GreenSky, went public recently, with a valuation of $2.9 billion.

Then there’s Sheila Lirio Marcelo, founder and former CEO of Care.com. In the 1970s, when Lirio Marcelo was six, her family of eight immigrated from the Philippines to the United States. She later became the first Asian American woman to take a company public and the seventh woman in history to do so. In 2020, she oversaw the acquisition of Care.com by IAC for a staggering $500 million.

Immigrant entrepreneurs are at the heart of American innovation and job creation. And fintech is uniquely positioned to support them.

Immigrants also power industries like farming and construction, which rely on undocumented workers.

These labor-intensive sectors are essential to the economy, yet their workers lack access to basic financial tools. That’s where fintech comes in. Immigrants need products tailored to their needs, from remittances to affordable credit access, small business lending, and digital banking.

Immigrants make up 15% of the U.S. population, but they represent a vast untapped market for fintech.

Second-generation immigrants, in particular, are becoming economic powerhouses.

As a child of an immigrant mother, I can’t help but feel proud. These young people are not just filling jobs; they’re leading in technology, finance, and entrepreneurship. They are shaping the future of American business.

Fintech has a huge opportunity to serve this growing, dynamic demographic.

Immigrants want better financial services—solutions that suit their unique realities. Whether it’s easier access to banking, credit, or remittances, fintech companies that understand this will tap into a massive market while transforming the financial landscape for millions.

In short, if fintech wants to lead the next decade of growth, it can’t afford to ignore the immigrant community.

They are the future of America’s economy—and by building products that serve their needs, fintech can play a central role in this growth.

3 Founders Building for Immigrants

Jean Smart’s story is a perfect example. Growing up as the daughter of Korean immigrants in Los Angeles, she witnessed firsthand the challenges of entrepreneurship—long hours, language barriers, and financial insecurity.

Like many immigrant families, her parents’ retirement plan was built on the hope that their children would succeed.

But after working on Wall Street, Smart realized that small businesses, especially those owned by minorities and immigrants, lacked access to retirement planning. She founded Penelope in 2022, a platform to make retirement savings accessible to small businesses, particularly microenterprises.

“I want my daughter to be able to build on the generational wealth I’m handing down to her,” Smart said.

Penelope’s platform provides affordable, user-friendly retirement solutions to small businesses owned by women, minorities, and immigrants. Smart has already raised $5 million from investors like Altari Ventures and Gaingels.

Similarly, Sofiat Abdulrazaaq saw an opportunity to serve immigrant communities in the food truck industry.

The daughter of Nigerian immigrants, Abdulrazaaq understood the challenges these entrepreneurs faced—especially when it came to finance. Her company, Goodfynd, started by developing a payment platform for food trucks, many of which are run by immigrants sharing their culinary heritage.

“Running a business takes complex staffing and management,” she said. “Small businesses don’t have the time and resources for that.”

Goodfynd’s fintech solutions simplify operations for mobile vendors, many of whom are women and people of color. Abdulrazaaq has raised $6 million to continue her mission.

Nina Mohanty’s company, Bloom Money, takes a different approach—digitizing the traditional Rotating Savings and Credit Association (ROSCA) model, widely used in immigrant communities.

Her platform allows people from similar cultural backgrounds to save and lend money within their communities, helping them build credit and wealth.

As for cementing Bloom’s target audience, Mohanty believes in the concept of "building your perfect customer," recognizing that today's underserved immigrant communities represent tomorrow's prime customers.

This mindset opens up a realm of possibilities, from addressing specific needs like immigration or legal fees to supporting small business growth.

The opportunity here is enormous, dwarfing the reach of traditional banking. One of my favorite quotes from Mohanty, shared in my book Fintech Feminists, perfectly captures why building for this demographic isn’t just a nice-to-have—it’s a major market opportunity.

“I hope that the incumbents are paying attention,” she said. “We’re coming for their immigrant customers.”

These women—Jean, Sofiat, and Nina—are just three examples of startup founders building fintech solutions that serve immigrant businesses.

By doing so, they’re transforming the financial landscape and proving that fintech doesn’t have to be one-size-fits-all—it can be deeply personal and community-driven.

14 Reasons Immigrants Will Drive Industry Growth

Before I go, I want to be sure you have all the key insights from this column in an easy-to-access list. 

1. High Entrepreneurship Rates: Immigrants are 80% more likely to start a business than U.S.-born citizens, making up over 3.2 million entrepreneurs.

2. Economic Impact: Immigrant-owned businesses generate $1.3 trillion in sales and employ nearly 8 million Americans.

3. Underserved Market: Immigrant entrepreneurs face barriers to financial services, offering fintech a chance to provide accessible solutions.

4. Increasing Financial Inclusion: Immigrants are often excluded from traditional banking. Fintech can democratize access to financial tools.

5. Diverse Consumer Base: Immigrants offer fintech companies a chance to cater to a vibrant, evolving market.

6. Boosting Local Economies: Immigrant businesses strengthen local economies. Fintech can help them scale.

7. Innovation Through Diversity: Immigrant entrepreneurs bring fresh ideas, especially in niche markets. Fintech can fuel that innovation.

8. Support for Minority Entrepreneurs: Many immigrant entrepreneurs are women or people of color, who face unique challenges. Fintech can provide tools to help them thrive.

9. Culturally Relevant Products: Fintech can offer multilingual, simplified financial tools that meet immigrant communities’ specific needs.

10. Building Trust and Loyalty: Tailored solutions can help fintech companies build long-term loyalty within immigrant communities.

11. Tapping into Niche Markets: Immigrants create niche markets. Fintech can develop services to support these industries.

12. Stimulating Job Creation: Immigrant entrepreneurs are major job creators. Fintech can provide tools to help them expand.

13. Supporting Economic Mobility: Fintech helps immigrants build wealth and thrive, supporting their long-term success.

14. Global Expansion Potential: Immigrant communities are globally connected, offering fintech opportunities for international growth.

Bottom Line

Immigrants are nearly twice as likely to start a business as native-born Americans. The evidence is clear: limiting immigration means fewer startups, fewer jobs, and less innovation.

By tailoring fintech products to meet the needs of immigrants, companies can help millions of people achieve financial stability while tapping into one of the most entrepreneurial and fast-growing segments of the U.S. population.

The future of fintech is tied to immigrants. It’s time we embraced that reality.

Editor’s note: This story was originally published January 28, 2025, in the Fintech Is Femme Newsletter.

_{I’D LIKE TO THANK THE ACADEMY}

The FEMMY Awards are officially moving to March 2, kicking off Women’s History Month with a celebration of the innovators, vanguards, and MVPs of the Fintech Is Femme community.

As we gear up for this milestone night, I want to share a bit more about The Academy of Fintech—our private membership community.

I built the Academy for founders, operators, investors, and leaders who don’t just want to keep up with fintech—but want to help shape what’s next, together.

Membership includes a private Slack community, monthly virtual salons and masterclasses, exclusive fireside chats, and 40+ on-demand lessons designed to accelerate your career and influence.

Members also receive early access and preferred pricing for in-person events, including the FEMMY Awards (complimentary) and New York Fintech Week.

But the real value is the room—the relationships and proximity that turn conversations into real opportunity. Leaders from companies like Stripe and Mastercard are already inside.

If you’re looking for a thoughtful, high-signal community built for people actually doing the work, membership is now open.

👉 Learn more and apply at https://www.fintechisfemme.co/the-academy-of-fintech-community

Or secure your membership plus a complimentary FEMMYs ticket directly on the FEMMYs event page.

_{NEW YORK FINTECH WEEK APRIL 28-30}

It’s official — I’m starting to build out the agenda and key partnerships as Fintech Is Femme becomes the official New York Fintech Week conference of the week with the 3-day Fintech Week: NYC event, succeeding the Empire Startups Conference.

I’m incredibly grateful for the opportunity to collaborate with standout brands and humans to build a true home base for the fintech ecosystem during New York Fintech Week.

This year, we’re expanding beyond a single day to three full days of programming, co-hosted with leaders across venture capital, growth, identity, and security—designed to meet the moment the industry is in right now.

👉 Learn more on our event page.

If you’re planning to attend just our flagship Fintech Is Femme Leadership Summit, grab a 1-Day pass while early bird pricing is still available. Or join us for all three days and let’s build together all week long.

Interested in sponsoring? I’m already in conversations with iconic brands to shape this stage. Reply to this email and let’s make sure your company has a standout presence at New York Fintech Week.

_{I WANT IT, I GOT IT}

• 📚 Today’s Read: I stumbled upon How to Be a Renaissance Woman: The Untold History of Beauty & Female Creativity by Jill Burke in a home library collection. I haven’t started it yet, but I’m already hooked by the premise—an alternative history of the Renaissance told through beauty manuals and creative expression, spotlighting the actresses, authors, and courtesans who quietly rebelled against the misogyny of their time. Sound familiar?

• 🍿 Today’s Watch: Loved this interview with Michelle Obama on Call Her Daddy. Hearing her speak so candidly about staying grounded, going high, and navigating power as a disruptor feels both timely and deeply human. And this quote: “If you can’t beat them, work their fascination to your advantage.”

• 🌍 Today’s Activity: Road trips and weekends away. Spent the weekend at a farmhouse in upstate New York, braved a snowstorm on the way home, and was reminded how even a short escape with close friends can do wonders for rest and perspective.

_FINTUNES

🎵 no na - work

I discovered an Indonesian girl group this week, and their song perfectly captures how I feel about working and building Fintech Is Femme daily.

_{LET’S CONNECT}

📰 Share this newsletter with a friend and start growing your network.

🔗 Connect with me on LinkedIn for daily insights on leadership.

🤝 Grow your business through content & community by partnering with me.

📣 Promote yourself to 50,000 subscribers by sponsoring this newsletter.

🎤 Host an epic event by booking me as a speaker, moderator, or emcee.

📚 Increase your expertise by 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 on Thursday.

Love,

Nicole 💜