Redefining Inclusion for Women in FinTech

Welcome to another episode of FinTech’s DEI Discussions podcast series, hosted by Nadia, Co-Founder and Chief Customer Officer at Harrington Starr. As a global fintech recruitment business, Harrington Starr is committed to elevating conversations around diversity, equity, and inclusion within the financial technology industry. In this episode, Nadia sits down with Leah Glass, VP of Global Marketing at Convera, to discuss how Convera is leading the way in commercial payments, the industry's challenges, and what Leah believes still needs to change for true inclusivity.

Leah's insights in this episode offer an in-depth look into the current state of fintech and commercial payments. With Convera being a private equity carve-out from Western Union Business Solutions, the company is drawing from its rich expertise in foreign exchange (FX) and is seeking to become a leader in the commercial payments space. Leah sheds light on the unique challenges of cross-border payments and how Convera is enabling businesses of all sizes to grow globally by simplifying the movement of money.

Leah describes herself as a builder and someone who thrives on taking complex problems and creating high-performing teams to solve them. This drive for innovation and transformation is what led her to Convera, where she is now focused on driving global growth and pushing the boundaries of what’s possible in the fintech industry.

Commercial Payments: The Heart of Convera’s Mission

Leah begins by explaining how Convera's mission centers around innovation in commercial payments. As she points out, much of the fintech innovation over the last decade has been centered around the consumer experience—think mobile payment apps like Venmo or Apple Pay. However, when it comes to how businesses, especially those operating internationally, move money, the process has lagged behind. This gap in B2B payments is exactly what Convera aims to address.

"Commercial payments has really lagged how businesses move money and especially how businesses move money across borders. and that's what we're focused on.” Leah explains

This focus on cross-border payments is crucial in a globalized economy, and it presents a significant challenge—one that requires expertise, compliance, and a regulatory framework that can manage the risks involved in moving money internationally. Convera's approach is to bridge this gap and make the global growth journey smoother for businesses of all sizes.

Leah’s Career Journey into FinTech

As with many leaders in the fintech space, Leah’s path was not linear. From starting her marketing career in a company that attempted to automate the letter of credit in the early 2000s, to spending over a decade in the ad tech and martech sectors, Leah's reintroduction to payments came during her time at Amazon, where she worked in Amazon Pay.

Reflecting on her journey, Leah says, "Humans have been moving money and exchanging goods and services the whole time that we've been around on the planet earth. So it's really interesting to think about payments from that perspective and how far we've come and how much more opportunity there is ahead."

Leah shares how Convera was an exciting opportunity for her, not just because it was a fintech company but because it represented a chance to build and transform a marketing organization from the ground up. In her view, B2B marketing presents unique challenges compared to B2C because it lacks the direct connection to the end consumer, making it harder to measure success. This is where Leah thrives, in the complexity of building high-performing teams in B2B environments.

Navigating the Compliance Culture

As Nadia highlights, transformation is a core theme throughout this episode, and this extends to regulatory compliance. Leah discusses how navigating the complex regulatory environment is a central part of Convera’s business. The movement of money across borders requires not only robust technological solutions but also a strong compliance culture.

"We're really committed to what we call a compliance culture. And I don't mean compliance in the sense of, the boring, tracking of regulations, but more in the sense of our commitment to our customers and to ensuring that we're doing the right things and running an ethical business on behalf of ourselves, as well as our customers and ensuring that their position to grow in a way that makes sense, not just for them, but also for the world as a whole,” Leah notes.

In her role at Convera, Leah is helping shape this culture of ethical business practices, ensuring that the company not only complies with regulations but also works proactively to minimize risks and enhance customer trust. This approach ties back to Convera's mission of supporting business growth on a global scale, ensuring that their clients can move money seamlessly while staying compliant with local and international regulations.

She emphasizes that regulatory compliance is not just a legal necessity but a key component of responsible business practices that support long-term growth for clients, particularly those operating on a global scale. Leah emphasizes that building a strong compliance culture goes hand in hand with building customer trust. By adhering to the highest standards of ethical conduct, Convera ensures that its clients can move money seamlessly and securely across borders, which is a critical component of enabling global growth.

DEI in FinTech: Challenges and Opportunities

A major focus of this episode is Leah’s candid discussion on diversity and inclusion within the financial services and technology sectors. As a female leader, Leah is deeply committed to promoting diversity at the top levels of organizations. She highlights the importance of recognizing the unique challenges faced by women of color in leadership roles and the broader systemic barriers that still exist in many organizations.

Leah explains that both financial services and tech industries have their own diversity challenges, but as Convera transitions from being a financial services company to a fintech company, it is essential to address both. She talks about the “excuse matrix,” a set of preconceived notions and biases that limit the inclusion of diverse talent.

"I hear excuses like, ‘The talent just isn’t there,’ but that doesn’t hold up to scrutiny," Leah argues. "More women, especially women of color, are getting college degrees than ever before. So the concept that there isn't an educated workforce that's diverse, the data doesn't support that perspective.”

Leah also touches on the double standards that exist in leadership evaluations. Women, particularly women of color, often face harsher scrutiny or are labeled as having "sharp elbows," whereas the same behaviors in men are seen as assertive.

Tokenism and the Pay Gap

Leah delves into the issue of tokenism and how it undermines genuine diversity efforts. She cautions against companies that promote the image of diversity without truly empowering diverse leaders. Tokenism, she explains, often leads to pay inequity, where women and minority leaders may be brought into senior positions but are paid less than their counterparts.

"Nothing is less empowering than to learn you’re doing the same job as someone else and making less money. That’s where tokenism comes in, and it’s a real issue in the workplace," Leah emphasizes.

Leah calls for leaders and organizations to remain vigilant in closing the pay gap and ensuring that all leaders, regardless of gender or ethnicity, are given equal opportunities and compensation. This, she believes, is the only way to truly foster a diverse and inclusive workplace. Pay inequity not only erodes trust but also limits the potential for diverse leaders to have a meaningful impact within their organizations.

Moving from Sincerity to Commitment

Nadia closes out the discussion by asking Leah what more she would like to see in the fintech industry when it comes to promoting inclusion. Leah’s answer is powerful: sincerity is not enough.

"Companies like Amazon can figure out how to get me a box of laundry detergent and a pair of size 10 jeans for my son in less than 24 hours but they cannot figure out how to have a more diverse workforce.”

Leah challenges leaders to move beyond sincerity and to actively commit to making the changes necessary to drive true diversity and inclusion. This includes being intentional in hiring practices, promotions, and pay equity.

Conclusion

This episode of FinTech’s DEI Discussions podcast is a deep dive into the challenges and opportunities facing the fintech industry when it comes to diversity, equity, and inclusion. Leah Glass, VP of Global Marketing at Convera, shares her unique insights on commercial payments, the compliance culture, and the steps that need to be taken to break down systemic barriers within organizations.

At Harrington Starr, a fintech recruitment business, we believe in the power of these conversations to create real change. We hope you’ll listen, learn, and walk the talk with us as we continue to push for more inclusion and diversity across the fintech sector.

Listen to this episode for a deep dive into the future of diversity and inclusion in fintech and learn what steps you can take to be part of the solution. It’s time to move from sincerity to commitment by walking the talk of inclusion for women in FinTech and ensure that our industry reflects the diversity of the world we live in.