Women Making a Difference

While the gender imbalance in fintech remains a persistent challenge, as the industry itself grows, the ranks of women occupying leadership roles is also growing. More women today are leading innovation in financial services, helping to pave the way for others to join them, especially as companies have sharpened their focus on closing the gap. One such company is CIBC, which in 2022 was named the top company for gender equality in Canada for the second consecutive year.

Disruption spoke with three women on the CIBC Innovation Banking team who are making their mark in fintech while championing women entrepreneurs, for our new quarterly feature focused on women making a difference. From start-ups to IPOs and beyond, CIBC Innovation Banking provides growth capital to business-to-business software-as-a-service technology, life science and healthcare companies that are disrupting and innovating their sectors. Julia Kassam and Amy Olah are Managing Directors in Toronto and Holly Dungan is Managing Director, Technology & Software at the Menlo Park office in California. 

How has the role of women in the fintech space changed since your career began?

JK: In the early 2000s when my interest in venture capital and disruptive tech was growing, I was hard-pressed to find women in senior roles, at conferences, or at networking events. Fast-forward to now, there is a constant lens on companies and investors to close the gender gap at all levels of management, and to implement D&I programs, to support mentorship and sponsorship programs, to attract and foster talent, and to ultimately create value through diversity of thought. There have been great strides, collaborations, and initiatives that have fundamentally shaped women’s opportunities within innovation ecosystems, but as we constantly learn, there is and will always be more work to be done.

HD:  When I started out I remember attending women’s dinners and lunches where ‘work/life balance’ was the only topic being discussed – and there weren’t a lot of women in the industry, let alone female founders. Today, that has changed. There are a lot more women starting their own companies and showing up in the C-suite and these women are coming together, leveraging their experiences and knowledge to help each other succeed. We have a long way to go to close the funding gap, of course, but signs are more encouraging now than I’ve ever seen. It feels like there is great momentum right now.

AO: Everyone knows that there continues to be a gender investing gap in venture capital but the good news is I see more and more women leading and building amazing technology companies. I love to partner with these women whenever I can and help them to grow with our support and CIBC debt capital. Women are finally having more access to venture capital but we need to continue to nurture this growth from the seed stage through to the growth stage to ensure their success.   

What is gained when we have more women’s voices at the table/more women are decision makers?

JK: Diversity of thought, which not only creates a more inclusive culture but sets the stage for innovation to thrive. However, a seat at the table does not always equal a voice. A voice at the table means that those who are at the table are willing to learn, respect, and explore a wide range of viewpoints to shape decision-making.

AO: Nothing would make me happier than to talk to more women VCs. More women VCs would lead to the funding of more women founded technology companies. The more women we can encourage to come into this space and stay, the more women-led successes we will see.

HD: Technology and products need to be developed to take into account the diversity of the population that will actually be using or impacted. Research has shown that it’s smart to ensure there is a broad set of perspectives at the decision-making table, and also that female led companies actually perform better. Lastly, women control a huge part of purchasing power. It is not just the ‘right’ thing to do, it’s the smart thing to do from a company’s perspective.

How do we empower the next generation of female leaders and entrepreneurs?

HD: I think it would be great to see companies have more inspirational outreach programs to get kids involved and inspired by what technology can do at an earlier age. My niece who is studying to be a teacher in rural Nevada is working with PBS on an initiative like this. They’ve provided her with a set of robots to introduce kids in K-8 grades to robotics. The kids love it, of course! These sorts of hands-on initiatives make tech more tangible and interesting. 

JK:  There is a saying “empowered women empower women.” As I look to the next generation of women leaders within the innovation ecosystem, that saying is a constant mantra in the way I approach my work and the decisions I can impact in my leadership role. In an industry that continues to face gender-based barriers and unconscious gender bias, I always ask myself how and where can I lean in, use my voice, and normalize women’s success. Without fail, I lead by asking questions to those I collaborate with often. How do we continue to build an inclusive community? Are we opening up our networks and providing meaningful introductions? Are we fostering and attracting women talent? Are we encouraging mentorship?

AO: One of my VC friends once said to me you can’t be what you can’t see. We need to see women in leadership roles so that young women can imagine themselves there.