Fintech
“Financial technology leaders must be active advocates for diversity and inclusion,” says PPRO CEO
Pride month is coming to a close, with the main celebrations continuing this weekend in London. Pride is about so much more than parades, parties and rainbows. It’s about the practical process of acceptance and inclusion of LGBTQIA+ identities, including in the world of fintech work.
In honor of Pride’s demise, we once again spoke to Motie Bring, CEO of PPRO, about his experience as a gay man in fintech.
“I came out at seventeen, and it was hard for me: the process of self-acceptance, the fear of rejection from the people I loved. So from there, I decided to never go back into the closet. I bring that openness and honesty to everything I do, and that includes my career,” Bring told us.
He acknowledged that his sexual identity has presented some challenges in his career, which have made him even more committed to advancing an honest DE&I agenda, but said, “Being gay is not who or what I am, but it is a part of what made me the person I am today, and I believe wearing my true identity on my sleeve has helped me in many ways to have confidence, being a CEO and leader. Trust is key, and as a leader, I need to be confident in the decisions I make for the company and my team, which is important when growing and expanding an organization in turbulent economic times.”
Looking at the progress being made for LGBTQIA+ people in financial technology, Bring said: “It’s great to see some of the initiatives that large organizations are taking forward in the banking and financial technology sectors. There are certainly many more community members in senior roles and visible, which is very encouraging, but there are still too few LGBTQIA+ CEOs.”
Asked about some key figures in the LGBTQIA+ community, Bring said: “I admire the work Julia Hoggett has done over the years in financial services, triumphing over both women and LGBTQIA+ members, in an impressive career that has seen her take on the role of CEO at the London Stock Exchange.”
However, as Bring noted, “Fintech is a global industry, but LGBTQIA+ members continue to face many challenges and discrimination in many countries around the world, both in and out of work.”
Despite much progress made for the LGBTQIA+ community in the workplace, Bring argued that there are still challenges ahead: “Many have experienced some form of unfair treatment, including hiring discrimination, harassment, and some have even been fired because of their sexuality. It’s no surprise that this can and has led to people feeling isolated and vulnerable in the workplace.”
He added: “In London, seventy-five percent of LGBTQ+ startup founders in the UK have hidden their sexual orientation or gender identity from investors, and fifty percent of employees choose to come out of the closet when starting their careers. We still have a long way to go. The visibility of LGBTQIA+ people in financial services remains a key issue and without open dialogue the challenges may never go away.”
Reflecting on how to improve the space, Bring commented: “Whether it is a small, medium or large business, you need to start being accountable to the people you have hired into your workforce.
“We all have biases; once you recognize that those biases can manifest in different ways, little by little, you can change the culture from within the company. It’s essential to have leadership that not only supports these efforts, but actively supports them. Fintech leaders need to be vocal advocates for diversity and inclusion, both in words and in action, and that starts with leading by example and demonstrating a commitment to DEI principles from the top down.”
Bring concluded: “You don’t need big budgets to make DEI an integral part of your company culture, you need a dedicated and creative team. You need to help promote and support the different initiatives that make up your DEI agenda, introducing yourself and becoming a true ally of the community “.