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Hi, fintech fam! 💜

Wild Sunday night, am I right?

The news cycle has been moving incredibly fast, and I can barely take my eyes off it (it's a good thing tracking the news for you is my job!)

Before we discuss the world’s biggest news story, I’m thrilled to announce our next opportunity to meet in person!

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IMPACT

What a Kamala Harris Presidency Means For Fintech

Money talks, and right now, it’s saying change is possible. 

Nationwide enthusiasm has led to $81 million in fundraising as women and allies rally together to support Vice President Kamala Harris. She quickly became the frontrunner for the Democratic presidential nomination after President Joe Biden dropped out of the race on Sunday afternoon. 

The implications for fintech could be transformative. They would herald a new era of increased women entrepreneurs, which would significantly fuel the rise of financial inclusion and innovation.

The Feminization of Wealth

Fintech leaders like Ellevest Founder & CEO Sallie Krawcheck are already pointing out the correlation between VP Harris’s history-making fundraising and what the company has coined, “the feminization of wealth.” Krawcheck explains that women are on their way to having the majority of wealth in this country.

Our financial, technological, and political power is intersecting. Together, we’re poised to demolish the highest glass ceiling.

Support for VP Harris extends across the fintech community. Angel Rich, founder and CEO of CreditRich, leverages her organization, Black Tech Matters, to draw donations, bringing together students, entrepreneurs, and professionals committed to investing over $30 million in Black-led companies. 

Other fintech and tech leaders have also shown their support for VP Harris via social media, including Dr. Bernice A. King, the daughter of Dr. Martin Luther King Jr. and the advisory council chair of fintech platform Ready Life; fintech founder and super angel Asya Bradley; founder and CEO of Sequin Vrinda Gupta; co-founder and CEO of Goodfynd Sofiat Abdulrazaaq; and co-founder of XTP Kiki Nyagah. 

This surge in support for VP Harris contrasts sharply with recent events in the tech world.

Just last Tuesday, TechCrunch reported that Andreessen Horowitz co-founders explained why they’re supporting Trump.

They complained about overregulation by the Biden administration and claimed that Trump would “help innovation flourish.”

Most of their reasoning can be easily decoded as follows: “We like being rich and would like to stay rich as easily as possible, and we’ll do it at the expense of the American consumer.”

Regulation and Innovation: A Delicate Balance

With the momentum since Biden dropped out and VP Harris stepped in, other heavyweights in Silicon Valley are endorsing a Harris administration.

Reid Hoffman, founder of LinkedIn and a prominent venture capitalist, supported VP Harris, saying he “wholeheartedly support[s]” her presidential bid.

“The Democrats are the party of policy, progress, and action,” he stated, underscoring his belief in VP Harris's ability to lead the country.

Melinda Gates, Mackenzie Scott, and other key women investors now have a fantastic opportunity to show what can be achieved when women support women. 

The argument that regulation stifles innovation is tired, lazy, selfish, and dangerous. This narrative has led to repeated financial crises, such as the 2008 global financial crisis. Even former Federal Reserve Chair Alan Greenspan admitted that trusting free markets to regulate themselves was a mistake.

VP Harris, however, has stated that she and Biden “reject the false choice that suggests we can either protect the public or advance innovation.” 

For example, the Biden administration’s executive order in October set standards for AI safety and security, with companies like Open AI, Anthropic, Google, and Meta committing to safety and transparency. This approach demonstrates that regulation and innovation can coexist.

Regulation doesn’t stifle innovation; the lack of funding for women and diverse entrepreneurs in fintech does.

With VP Harris at the helm, we might see real change as she continues her economic focus on opening capital access to women and people of color, building the next innovative startups. 

Impact on Venture Capital

VP Harris’s passion for closing the wealth gaps through entrepreneurship and access to capital is a cornerstone of what her presidency could mean for fintech.

Almost all the trailblazing startups within our fintech ecosystem share a critical commonality: they've successfully secured VC funding.

Venture capital is the essential ingredient that transforms audacious technology-based ideas into world-changing institutions. It is reshaping our financial landscape and influencing the fabric of our society. Startups funded by VC may form the future transformative companies that drive economic growth.

However, funding for women remains alarmingly low at 2%, even lower for women in fintech. More concerning, just 0.1% of VC funds went to Black and Latina founders.

The implications of this disparity extend far beyond the frustrations of women founders struggling to secure funding. Financial services and fintech are vital to our economy, and the lack of diversity among investors and founders has significant consequences.

It influences who becomes wealthy and affects the problems that fintech companies aim to solve, the products they develop, and the markets they serve.

With 98% of venture capital going to privileged men, our economy is less innovative, equitable, and profitable than it could be.

Consider the financial services and fintech companies that do not prioritize women's needs. This issue directly stems from women not receiving funding.

As a result, women invest less of their wealth than men, missing out on market returns over time. This contributes to the gender wealth gap, which is 32 cents to a white man's dollar (and just one penny for Black women).

Additionally, businesses that could have been founded to meet these needs are not established, leading to missed investments that could have provided a more secure future for women and their families and spurred economic growth. It's estimated that the opportunity cost of not investing in diverse founders could be as high as $4 trillion.

Data shows that investing in women-founded companies offers a higher return on investment. Yet, venture capitalists allocate minimal funding to these founders despite being in the business of making money—and women are adept at making money.

This discrepancy should increase interest in such ventures. Instead, venture capital firms continue to make poor investment choices, such as in cryptocurrency companies like FTX, while women and founders of color with solid business plans remain overlooked.

Given that women drive 80% of consumer purchasing decisions and that both women and people of color disproportionately face the inequities that many fintech businesses aim to address, excluding these groups from product or service creation is a missed opportunity for innovation.

With VP Harris in office, she could push for nationwide adoption of laws similar to California's new diversity reporting law.

On October 8, 2023, California Governor Gavin Newsom signed Senate Bill 54, the Fair Investment Practices by Investment Advisers. This law requires VC companies with ties to California to report the demographic information of their invested companies' "founding team members" annually.

This first-of-its-kind law addresses inequitable funding distribution to women- and minority-owned companies.

With over 5,700 VC firms in California, this law is expected to have significant consequences for the venture capital industry in the United States.

Empowering Women and Entrepreneurs

VP Harris’s tenure as California’s attorney general and her focus on consumer protection highlights her commitment to economic equity. Entrepreneurship and women’s economic empowerment have also long been focal points for VP Harris. 

After the 2008 financial crisis, she leveraged her power to secure $12 billion in mortgage relief for California homeowners. 

She has announced funding initiatives for women entrepreneurs, including new tranches from the State Small Business Credit Initiative. In March, she traveled to Black Wall Street in Durham, NC, to announce $32 million in funds to support historically underserved entrepreneurs.

In April, VP Harris launched the nationwide Economic Opportunity Tour, a series of events focused on investing in communities, building wealth, and ensuring every American has the freedom to thrive. Her ambition to address the root causes of economic disparity is a trait often associated with female leaders.

During the Economic Opportunity Tour, VP Harris emphasized her commitment to continuing the economic agenda she and President Biden have championed.

“To achieve true equality, we need an economic agenda that addresses people's ambitions. Yes, everyone wants a job, and President Joe Biden and I are very proud that our administration has brought Black unemployment down to historic lows,” she said on tour.

“But that's just a baseline. We are also focused on creating opportunities for people to build wealth, which not only strengthens their families but also strengthens the economy of the entire community, benefiting everyone in society.”

The Biden-Harris administration's accomplishments include extending VP Harris's work in the United States Senate to secure $12 billion more for community banks. They have focused on building capacity through the Treasury Department, with Secretary Janet Yellen partnering with VP Harris on access to capital, especially for minority-owned businesses.

VP Harris also highlighted the creation of the Economic Opportunity Coalition, which includes Bank of America, Wells Fargo, Google, and private equity firms, to invest in community banks, increasing entrepreneurs' access to capital.

These lenders know the community, understand its capacity and values, and can provide capital and the knowledge necessary for running a business.

“Many entrepreneurs have great ideas but might not know how to handle payroll, business taxes, inventory, or market access,” Harris said. “Over the past three years, our work has focused on these areas, understanding the long-standing disparities we face. Despite attacks on diversity, equity, and inclusion (DEI) in certain parts of the country, we know that true investment in our nation's strength requires attention to DEI.”

VP Harris underscored that success is rarely achieved without support from those who understand our talent and dreams and encourage us to achieve them. The spirit behind the push for access to capital, particularly during the tour focusing on minority small businesses, Black-owned small businesses, and Black male entrepreneurs, is to recognize the disparities in accessing opportunities for success.

“Our push for access to capital has been about getting more federal dollars into community banks and encouraging private sector investment, including big banks,” she said.

“These institutions admit—and we know—they are not always situated where we need them to be, to truly know the community. Access to capital also includes a commitment to financial literacy, teaching people how to start and maintain a business, and creating market access.”

VP Harris understands that small business owners and entrepreneurs are community leaders, civic leaders, and local employers. They mentor others and create opportunities for economic development and growth within individuals and communities.

“Our work to extend access to capital is about tapping into the existing ambition and aspirations and providing the necessary resources—both financial and otherwise—to achieve success,” she said.

A Future of Financial Inclusion

VP Harris has also championed landmark economic initiatives, such as the Inflation Reduction Act and the Bipartisan Infrastructure Act, investing in national infrastructure and climate resilience. 

It’s a critical time in our nation’s history right now. 

People will look back at history books and see what we say or don’t say, what we do or don’t do. 

I am committed to using this platform to advocate for VP Harris and to show that when women support women, we make millions and generate economic opportunity for all to build wealth. 

She represents a feeling that has been somewhat lost: hope.

With Harris at the helm, our fintech industry might finally achieve its greatest potential, creating a more inclusive and equitable economy once and for all.

_{WTF ELSE?}

• Mastercard adds more partners in push for open banking - American Banker

• 5 FinTechs boosting Wealth Management in the USA - IBS Intelligence

• US Federal Reserve fines digital bank Green Dot $44 million over "unfair and deceptive practices"

• Fintech revolution offers multiple opportunities for mid-career professionals

• Fintechs raise $158 million in second quarter of 2024: Report | Startup Story

• Why women in technology are vital for a diverse and imaginative digital future

• How fintechs can prep for working with banks

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_{I WANT IT, I GOT IT}

• 📚 Today’s Read: She Votes: How U.S. Women Won Suffrage, and What Happened Next. I love this book, filled with gorgeous art and storytelling.

• 👀 Today’s Watch: Here is the full interview of Kamala Harris explaining her stance and action plans for pushing economic opportunities (as referenced above).

• 🍣 Today’s Eats: I have a warm bowl of a popular Filipino dish called pancit waiting for me for dinner as I finish writing this newsletter. One of my favorites. Here’s a recipe to make it at home.

_FINTUNES

🎵 Charli xcx - Von dutch

Sometimes, I love the internet.

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That’s all for now! See you Thursday!

Love,

Nicole 💜