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Hola, fintech fam! 💜

I’m writing to you from Mexico City this week—dividing my time between planning the Fintech Is Femme Leadership Summit for New York Fintech Week (mark your calendars for April 23!) and, well, planning my wedding this August (yes, both at the same time—pray for me).

I landed in CDMX after an unforgettable evening with our membership community, The Academy of Fintech, hosted by my amazing mentor and friend, Lule Demmissie.

I know last week was tough for many of you, and I’ve been trying to decode all of it, too.

But I’m mostly grateful to be navigating all the changes with all of you by my side.

There’s nothing more powerful than when we come together—and I look forward to continuing that energy with you digitally and at our events.

If you’re looking for something a little more intimate, The Academy of Fintech is expanding, and we’d love for you to apply and join us as we build our community in New York, San Francisco, and beyond.

Now, let’s dive into today’s column!

IMPACT

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.

_{NEW YORK FINTECH WEEK}

Get ready for a career-defining experience at the second-annual Fintech Is Femme Leadership Summit, kicking off New York Fintech Week on April 23! 

Don’t miss your chance to secure early bird tickets—grab yours today before they sell out and immerse yourself in the inspiring community of powerful leaders who are redefining the future of fintech!

For an even more exclusive experience, check out our VIP tickets! Enjoy special access to our speaker green room, reserved seating in the front row, and a coveted membership to The Academy of Fintech. 

_{WTF ELSE?}

• Why the IRS may be coming to tax your cryptocurrency

• Financial connectivity fintech Method raises $41.5m Series B

• “Can your private bank do this?”: Fintech firms target Singapore's wealthy with feature-rich apps

• Fintech unicorn Papaya Global reimagines workforce payments with Super Bowl Ad 

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_{I WANT IT, I GOT IT}

• 📰 Today’s Read: I love an article that makes me stretch and think, and this (long) read, The Insidious Charms of The Entrepreneurial Work Ethic by Anna Wiener in the New Yorker, is one of those.

• 🍿 Today’s Watch: I powered through season 2 of XO, Kitty, while traveling this weekend. Whenever there's a Netflix show featuring a mixed-Asian lead, I'm all in, regardless of the high school drama. There's nothing quite like seeing yourself represented on screen.

• 🌍 Today’s Listen: So much is happening, it’s hard to keep up! Here are some quick takes on how DeepSeek shocked Silicon Valley and crashed Nvidia from the Pivot podcast if you need the TLDR.

_FINTUNES

🎵 Tems - Love Me JeJe

Vibing to this as I write this week.

_{LET’S CONNECT}

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📚 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 Thursday!

Love,

Nicole 💜