Markets are left untapped, and innovation is stifled. Investors are questioning the strategy, and talented staff are choosing to leave.
Money20/20 Europe is an industry event attended by over 10,000 people and one of the most influential fintech gatherings. The organizers don’t just host a conference. They set the tone for the industry. Their diverse speaker line-up, flagship mentoring and sponsorship programs for underrepresented groups show what it looks like to put inclusion into action.
Against that backdrop, I recorded a live podcast episode of FinTech’s DEI Discussions. I sat down with three C-level fintech leaders, Jovi, Regina, and Teresa. They explored the real cost of exclusion and what happens when leadership retreats from inclusion. Here’s what we uncovered.
What Is DEI?
Diversity, Equity, and Inclusion is about more than just headcount or one-off initiatives. It means creating workplaces where people from all backgrounds feel welcomed, valued, and supported to succeed. It includes who is in the room, if they have access to fair systems and whether people feel safe to contribute, challenge ideas, and be themselves without fear.
Some well-known companies are showing what this can look like. For example, Monzo, has publicly shared their gender pay gap data. They have invested in active strategies to close it and post regular updates on their progress. Primer has prioritised remote and flexible working and skills-first hiring to attract talent from outside traditional financial services to increase their diversity of thought. These aren’t perfect solutions, but they show how transparency and action can move the industry forward.
The Demonization of Diversity, Equity and Inclusion
Many leaders feel pressure to step back. They have pulled funding, scaled down internal programs, and retreated from public commitments. In some circles, DEI has been unfairly “demonized” as little more than a way of handing out opportunities to underrepresented groups. The backlash has fueled damaging narratives around so-called “DEI hires.” Critics claim that ‘characteristics’ were valued more than ‘qualifications.’ Some argue that efforts designed to reduce discrimination are themselves discriminatory. Particularly against those who identify as “white, male, or able-bodied.”
Jovi Overo, a fintech CEO, has worked for two decades in financial services. The first ten years as a trader, the last ten in payments and fintech. With that experience of hiring, building teams, and working with clients, his view is clear. He says walking away from inclusion isn’t just a social setback, it’s bad business.
He frames inclusion through a commercial lens. He said, “unless you have somebody from that segment, you’re not going to understand the pain points. By not having them, you miss out on ROI. That’s not DEI; it’s good business sense.” When leaders dismiss inclusion as a “nice to have,” they dismiss far more than values. They turn their backs on new markets, underserved customers, and the innovation that comes only through lived experience.
The Hidden Costs of Inflexibility
One of the most visible retreats from inclusion has been the push back to the office and the increasingly vocal demand for “presenteeism” or “face time.” There are clear benefits to bringing people together in offices, and many firms have found flexible, balanced ways to do so. Others have taken a far more rigid approach, instructing a return to the office. High-profile cases of inflexibility and sweeping mandates risk undoing much of the progress made in creating inclusive workplaces.
Teresa Cameron is Group CFO of Clear Junction, a company providing payment and treasury solutions to financial institutions. She is clear on the risks, “Forcing people back to the office excludes those who need flexibility. It’s a massive step back for equity and work-life balance.” Remote and hybrid working have been transformative for working parents, carers, and those managing disabilities. Yet this progress has been quickly dismissed by a few high-profile leaders. They have struggled to adapt their leadership styles and meet the demands of modern leadership. Sadly, many have defaulted to blanket in-person requirements in the name of productivity.
Regina Lau is a CFO in fintech with more than 20 years’ experience in payments and financial services. She says that the danger is assuming there’s one “right” environment. “People react differently to environments, online or in person, so leaders need to adapt to help everyone thrive.” For Regina, the true test of leadership lies in that adaptability. Exclusion isn’t always loud or intentional. Sometimes it’s subtle. A meeting format that doesn’t suit a neurodivergent employee can exclude them. A policy that overlooks childcare or caregiving demands can exclude people. This is the same with the failure to recognize that different personalities excel in different settings.
Future Workforce Assumptions
These different personalities and needs aren’t the exception. They are the future of the workforce. That’s why these conversations are essential. Inclusion cannot stop at gender or ethnicity; it must also embrace neurodiversity. 53% of Gen Z and up to 70% of Gen Alpha may identify as neurodivergent, showcasing a growing population in the future workforce. Teresa pointed to research from Birkbeck University that underlines the stakes. 70% of neurodivergent employees report experiencing mental health challenges at work because of their environment. 65% say they feel unable to speak to management for fear of discrimination. These aren’t marginal statistics; they represent a mainstream, growing part of the workforce. Companies that fail to create supportive environments risk losing extraordinary talent. She added, “Some of the traits that come from neurodivergent mindsets can really be harnessed into making great diverse teams.” For Teresa, the challenge and opportunity lie in recognizing these talents, not overlooking or dismissing them simply because they look different from the norm.
Leadership at Every Level
The conversation on evolving leadership highlighted that inclusion isn’t just the job of the C-suite. As Jovi put it, “Leadership doesn’t have to be a title. It’s about followership. If no one’s willing to follow you, you’re just taking a walk.” In today’s workplace, leaders who fail to evolve, risk making themselves irrelevant. Teresa stressed the responsibility leaders carry to mentor and sponsor the next generation. She said, “We have to coach and encourage our staff to be the next leaders, so that they have every chance of success.” Succession planning, she argued, must sit at the heart of business strategy to keep organizations future-proof. Regina agreed, saying, “People build businesses. If you’re not taking care of the people, you’re also not taking care of the business.”
Taking care of people can and should happen at every level. Learning to support one another and advocate for new perspectives should be the responsibility of the whole team rather than a few individuals.
Building Resilient Cultures
Jovi spoke about resilience and showing what you can bring to a team and company. He said, “If you’re not given a seat at the table, build your own.” But resilience, he noted, is easier to build in cultures where failure isn’t fatal. He spoke about the importance of giving people space to learn, grow, and be fairly supported by leaders. Teresa echoed this point. “It’s okay to fail. The lessons you learn from failure are often more powerful than those you learn from success.”
In fintech, with its speed, volatility, and constant change, resilience is essential. The danger comes when resilience is demanded without psychological safety. In those environments, resilience doesn’t empower; it burns people out and drains the talent pipeline. That’s why people policies and investment in staff must be grounded in trust and authenticity. As Jovi warned, “If a company’s DEI policy crumbles under pressure, then it was never a policy to begin with. It was just spin and PR.”
The Real Cost of Exclusion
As the industry returns to growth and hiring, more companies will feel the sting of employees voting with their feet. They will be leaving behind those they don’t trust and choosing to join organizations whose values they believe in.
Failing to adapt drains innovation, slows market growth, and erodes trust with both employees and customers. Leaders will need to evolve to keep their workforce. Inclusion is not charity work. It’s strategy. It’s market access. It’s future-proofing. While the words “DEI” might divide, the actions behind them are about treating people fairly, listening to different perspectives, and creating conditions for everyone to thrive. This is simply good business.