The Bro Culture in Fintech: A Barrier to Women’s Advancement
The fintech industry is often criticized for its pervasive "bro culture," a term that encapsulates an environment rife with sexism and demeaning behaviors such as mansplaining. Triya Govender, head of marketing at Floatpays, a South African fintech start-up, sheds light on this issue, describing bro culture as a “misogynistic, work-at-all-costs, ‘machismo’ culture” that not only undervalues women but also reinforces outdated gender roles. This culture presents significant challenges for women striving to make their mark in the fintech landscape.
The ‘Work-at-All-Costs’ Culture
One of the most detrimental aspects of bro culture is its emphasis on a “work-at-all-costs” mentality. This approach penalizes women, who often bear the brunt of domestic responsibilities. For instance, during the COVID-19 pandemic, women globally spent three times as many hours on childcare as men—173 hours compared to 59. In a workplace that rewards those who are always available, women with childcare obligations often find their commitment and capabilities questioned, regardless of their actual productivity or performance history. This phenomenon, known as performance bias, can severely limit women’s opportunities for promotions and leadership roles.
Govender emphasizes that this bias is particularly pronounced in high-growth sectors like fintech, where the demands of the industry can excuse unequal treatment. To combat this, she advocates for a cultural shift that values work-life balance and fosters psychological safety. Women should feel comfortable leaving work early for family obligations without fear of judgment.
Changing Behaviors to Shift Culture
While values and beliefs are often deeply ingrained and challenging to change, Govender argues that behaviors can be modified more readily. Implementing flexible work options—such as remote work and adjustable hours—can help create an environment that supports a healthier work-life balance. These changes can encourage a shift away from the toxic “work-at-all-costs” mentality that currently dominates many fintech workplaces.
The Politics of ‘Likeability’
Another significant challenge women face in the fintech industry is the politics of “likeability.” Traditional gender roles dictate that assertiveness in men is often viewed as a sign of leadership potential, while the same trait in women can lead to them being labeled as “difficult.” This double standard creates a precarious situation for women, where being assertive can make them less likable and, consequently, less likely to be promoted.
Govender points out that while bias in the workplace may never be entirely eradicated, there are steps employers can take to mitigate its effects. Establishing evidence-based processes for hiring and promotions can help ensure that decisions are made fairly, rather than influenced by performance bias. Additionally, training employees—especially leaders—on the topic of bias can raise awareness and encourage more equitable practices.
The Gender Pay Gap in Tech
The gender pay gap is another pressing issue for women in fintech. According to Offerzen’s State of the Developer Nation report for 2022, women developers in South Africa earn 17% less than their male counterparts, a figure that has increased since the previous year. The report highlights that as women gain more experience, the pay gap widens, with the difference for those with six to ten years of experience rising from 3.5% to 15.5%.
Govender identifies the gender pay gap as one of the most significant challenges facing women in tech, including fintech. This issue is often a direct consequence of the biases and cultural norms that marginalize women in the workplace. Addressing these challenges requires ongoing awareness and concerted efforts from employers and leaders to change workplace policies and behaviors.
The Path Forward
While the challenges posed by bro culture in fintech are significant, they are not insurmountable. By fostering an environment that values diversity, equity, and inclusion, the industry can begin to dismantle the barriers that hinder women’s progress. Govender’s insights serve as a call to action for employers to recognize and address the biases that persist in their organizations, paving the way for a more equitable future in fintech.
Triya Govender is the head of marketing at Floatpays, a technology platform that enables on-demand access to earned pay, seamless savings functionality, and financial education to promote employee financial wellness for a more engaged and productive workforce.
