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Hey, fintech fam! 💜

Today, I officially finished the audiobook recording for Fintech Feminists. Soon, you can read and listen to 350 pages explaining how and why women in fintech are rescuing our economy.

Oh, and if you’re in the mood for something even more fabulous, join me on Tuesday, October 22, for the Fintech Feminists book launch party! 

Think Sex and the City glam: cocktails, conversations, and celebrating the fierce women changing fintech. Trust me, you won’t want to miss this.

Now, let's dive into some fintech news.

UPGRADE TO BECOME A FINTECH FEMINIST

Discover the difference between mainstream media and Fintech Is Femme. Every week, I deliver the latest fintech news without the fluff, profiles of trailblazing women in the industry, and insightful analysis to keep you ahead of the curve.

For just $50, becoming a premium member means you’re not just supporting female-led journalism—you’re fueling a movement. Your support transforms Fintech Is Femme from a newsletter into a thriving media empire and community where women connect, learn, and uplift one another.

#TRENDING

What’s Up In Fintech

Every Thursday, I deliver the hottest fintech news and trends, keeping you updated with the most essential insights impacting the industry.

#1 Suma Wealth Announces $7M Raised + AI Acquisition

Latina-led fintech company Suma Wealth announced Tuesday that its seed round was more than 2.5x oversubscribed, bringing its total funding to $7 million. 

On top of that, the startup, led by CEO and co-founder Beatriz Acevedo, just acquired AI-powered personal finance platform Mooch, signaling big plans for its users.

The Mooch acquisition will supercharge Suma’s offerings, giving its one million+ users AI-driven tools to manage their wealth. According to the company, what sets Suma’s AI apart is its culturally attuned “In Culture” large language model (LLM).

Unlike traditional AI models, this one speaks the language of its users—literally. It understands the cultural nuances of the Latino community, allowing Suma to provide hyper-personalized advice.

Why it matters for fintech: The AI-powered future is present, and Suma is capitalizing on a vastly underserved market: Latino consumers. As fintech evolves to become more personalized, companies that tailor their services to specific communities will stand out.

It’s no secret that B2C fintech companies have struggled to find footing when targeting specific communities. However, with its new AI capabilities, Suma Wealth is well-positioned to lead the way in closing the wealth gap for Latinos—a demographic historically underserved by traditional finance.

I believe there’s still significant opportunity for other fintechs to leverage AI to enhance their offerings and build deeper connections with their ideal customer profiles (ICP).

Combining this with a three-pronged approach—content, community, and experiential events—could be a powerful growth driver, helping fintechs deepen engagement and find a sustainable path to profitability.

The big picture:

For context, the total economic output of U.S. Latinos was $2.7 trillion in 2019, making them the equivalent of the seventh-largest economy in the world. Yet systemic barriers persist:

• Less than 1% of funds from top venture capital and private equity investors reach Latino-owned businesses.

• Latina-owned businesses often face additional hurdles, needing twice as many investors as white-owned businesses to secure the same level of funding.

• As Latino-owned businesses approach the $1 million revenue mark, they encounter significant challenges in profitability and cash flow, yet those that surpass $5 million grow nearly twice as fast as white-owned businesses.

• Latinas are one of the fastest-growing groups of business owners in the U.S., with more than 1.5 million founders generating $78.7 billion in revenue. 

However, they still receive only 2% of venture capital funding—a trend consistent across women-founded businesses.

More milestones for Suma:

Partnership with Wells Fargo: Suma Wealth teamed up with Wells Fargo to launch Jefa Business Bootcamp during Hispanic Heritage Month. This free program is designed to empower Latina entrepreneurs, offering 12 on-demand business modules inspired by the popular book Jefa in Training.

Dinero Fest: Suma Wealth is hosting its Dinero Fest in Los Angeles on October 20th, bringing together big names like T-Mobile, Wells Fargo, and Univision to focus on financial empowerment for young Latinos. Expect celeb appearances, money games, and a celebration of Latino culture with a focus on financial literacy.

Bottom line: Suma Wealth isn’t just raising capital—it’s raising the bar for fintechs that want to blend culture and technology. With $7 million in the bank and a new AI-powered platform, the company is doubling down on its mission to close the wealth gap for Latinos. For fintechs, this serves as a lesson in how personalization, culture, and community focus can be powerful drivers for growth.

#2 OpenAI’s $157 Billion Valuation

OpenAI just made headlines with a staggering $157 billion valuation following the close of a $6.6 billion funding round—the largest venture capital round in history.

Backed by heavy hitters like Thrive Capital, Microsoft, Nvidia, and SoftBank, the startup is now one of the most valuable in the world, standing alongside ByteDance.

Why it matters for fintech:

The ripple effects of OpenAI’s growth and development are already being felt across industries, fintech included. As AI continues to play a transformative role in everything from customer service to fraud detection and risk management, OpenAI’s advancements could reshape the future of fintech.

AI-powered personalization: OpenAI’s models, like GPT-4 and its successors, are evolving quickly, enabling fintech companies to provide hyper-personalized financial products. From chatbots that can carry nuanced financial conversations to wealth management tools that predict user behavior, the possibilities are endless.

Data and decision-making: For fintechs, data is king. OpenAI’s advancements can help companies process massive datasets faster and more accurately, leading to better predictive models, smarter underwriting, and personalized lending decisions—all of which are crucial in a market where precision is everything.

Automation and efficiency: AI’s ability to streamline back-office operations is another win for fintech. By automating manual processes, fintech companies can cut costs, improve accuracy, and scale operations more efficiently, giving them a competitive edge.

The challenge ahead:

OpenAI’s sky-high valuation raises questions about the sustainability of AI-driven businesses. While the potential for AI in fintech is enormous, these technologies are incredibly costly to develop and maintain. OpenAI is projected to lose as much as $5 billion this year, showing that even the top AI firms are grappling with profitability.

Moreover, regulatory scrutiny around AI is increasing, and fintechs that rely on AI for core functions must navigate new rules around data privacy, algorithmic transparency, and ethical AI use.

Adding to the uncertainty, OpenAI’s Chief Technology Officer Mira Murati resigned the same day Reuters reported that OpenAI is restructuring to become a for-profit benefit corporation, moving out from under the control of its original non-profit arm.

This shift raises further questions about the company’s long-term focus and whether profit will start to take precedence over innovation or ethics.

Lessons from fintech’s past:

OpenAI’s massive valuation is impressive, but it’s worth remembering that fintech giants like Stripe have seen their valuations slashed after periods of hypergrowth. Stripe, once valued at nearly $100 billion, faced a reality check during a broader industry downturn. This could be a cautionary tale for OpenAI if AI investments don’t live up to the hype.

Bottom line:

For fintechs, OpenAI’s developments offer both opportunities and challenges. AI has the potential to transform financial services in profound ways, from increasing personalization to improving operational efficiency.

However, fintech companies need to approach this AI boom with caution, learning from the valuation bubbles of the past. With regulatory scrutiny on the rise, leadership changes, and high costs to bear, the race to profit from AI is far from guaranteed. But for fintechs ready to innovate, OpenAI’s advancements could be game-changing.

#3 Betting on the Next Billion-Dollar Startup

Lisa Carmen Wang, founder of Bad Bitch Empire (BBE), is changing the game with her BBE Fund, focused on funding women entrepreneurs in fintech and other high-growth sectors.

The fund aims to close the gender gap in venture funding and redefine success for women-led businesses.

By giving female founders—especially those traditionally underrepresented in tech—the resources and capital to scale, Wang’s BBE Fund tackles a critical issue: the vast disparity in funding for women-led startups.

Why it matters for fintech:

Investing in women is a smart business move.

Women are the fastest-growing group of entrepreneurs in the U.S., and many are building fintech solutions that address gaps in financial services.

Yet, as we know, only 2% of all venture funding went to female founders. This means fintech is missing out on the next billion-dollar startup that could be born from women’s innovative ideas.

Studies consistently show that companies with diverse leadership outperform financially. Plus, women-led fintechs are often better attuned to underserved markets, driving adoption and growth in ways that male-led firms may miss.

Fintech is about democratizing financial services, but without investing in women founders, the industry is falling short of that mission.

Women-led companies tend to reinvest in their communities and are more likely to mentor the next generation of entrepreneurs—creating a ripple effect of growth and innovation.

The bottom line: Lisa Carmen Wang’s BBE Fund isn’t just closing the gender gap—it’s betting on the next billion-dollar fintech startup. For fintech to evolve and unlock its full potential, investing in women isn’t optional—it’s essential.

Join the conversation:

Wang and I will be hosting a workshop on Tuesday, October 8, where we’ll dive deeper into how fintech can better support women entrepreneurs and close the gender funding gap. More details are below!

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_{MARK YOUR CALENDARS}

Come join us every Thursday to keep up with the best fintech events! These events are perfect for meeting people, learning new things, and connecting with our fintech community. Let's add these fun events to our schedules - I hope to see you there!

_{OCTOBER 22}

[NEW YORK] FINTECH FEMINISTS BOOK LAUNCH PARTY

Get ready for an unforgettable night of style and inspiration as we honor the women reshaping fintech and the future of finance.

What to expect:

• ✨ Signed Copy – Take home your signed edition of Fintech Feminists, personally inscribed by me.

• 🔥 Fireside Chat – Featuring a special guest from the book (to be announced soon!).

• 🍸 Signature Cocktails & Premium Wines – Enjoy handcrafted drinks and fine wines from our open bar.

• 🍽 Gourmet Hors d’Oeuvres – Indulge in bites from NYC’s top chefs.

• 💫 Exclusive Networking – Meet the inspiring women featured in Fintech Feminists and connect with fintech leaders.

• 💼 VIP Access – Be among the first to join the Executive Fintech Feminists Community launching in 2025.

This night will blend NYC sophistication with fintech innovation, featuring music, art, and chic ambiance. Limited tickets are available, so don’t miss out—secure your spot now and join us for a glamorous celebration of women leading the future of fintech!

_{OCTOBER 8}

[VIRTUAL] How to Invest in the Next Billion-Dollar Female-Led Companies

Join us for a powerful virtual workshop, brought to you by Bad Bitch Empire and Fintech Is Femme, focused on the future of investing in the female-led economy.

This event is designed for forward-thinking women investors, entrepreneurs, and change-makers ready to drive growth by supporting women-led ventures in fast-growing industries like women’s health, fintech, and the future of work.

Key takeaways include:

• Spotting billion-dollar opportunities in female-founded companies

• Building wealth by investing in women-led ventures

• Leveraging the power of community for lasting impact

• Actionable strategies to start investing today

Whether you’re new to investing or looking to expand your portfolio, this workshop will equip you with the tools and insights to invest confidently. Don’t miss this chance to be part of a movement shaping the future of wealth! RSVP.

_FINTUNES

🎵 Towa Bird - Rat Race

Check out this new track. Once you listen, you'll understand why it's the anthem for everyone hustling nonstop these days (I feel these words deeply right now).

_{LET’S CONNECT}

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

🔗 Connect with me on LinkedIn for daily insights on female 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 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 💜