Coalition is composed of fintech companies working together to actively fight inequality within the industry and in society.
Leaders of the fintech industry announced the creation of the Fintech Equality Coalition. The coalition will function as a working group to actively fight inequality both within the fintech industry as well as in society. This means enhancing access to the financial services provided by each company within the coalition, as well as job and career advancement for the Black community. The coalition believes that as leaders, they can, should, and must do more to support and build upon those efforts.
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More specifically the coalition recognizes the following problems, and promises to enact the necessary changes and solutions to address them:
- Because the Black community is underserved by financial services, we will find opportunities in the form of partnerships, education, and outreach to make sure the value provided by our products and services is accessible. When hiring new vendors, we will engage and consider Black owned businesses.
- Because there are Black voices and issues in our industry that should be but are not currently amplified, we will host, sponsor, and participate in forums and events that feature Black speakers, as well as address financial topics specific to the Black community. In addition, we will not participate in forums or events without diverse speaker lineups.
- Because Black employees and Black-owned businesses are underrepresented in the tech community, including at many of our companies, we will advance our recruiting outreach across departments and seniority levels, enhance professional development programs, and augment interviewing practices to mitigate potential bias throughout candidate assessment.
- Because the Black community is underrepresented in leadership roles, including at many of our companies, we will enhance programs already in place to ensure we are recruiting, retaining, mentoring, and growing Black team members.
- Because these promises are meaningless without accountability, we will each publish our individual plans and provide regular updates on our progress toward these commitments.
The coalition, which was spearheaded by Betterment, includes the following companies: Cadre, Carver Edison, Credit Karma, Divvy Homes, Dosh, Earnest, Fabric, Freedom Financial Network, Jetty, Kindur, Marqeta, MoneyLion, Monzo, Nova Credit, Rhino, SoFi, Spruce, Stash, Tally, and Varo. There will be opportunities for other fintech companies to join in the future.
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