A group of large fintech startups, spearheaded by robo-adviser Betterment, have formed the Fintech Equality Coalition. The group’s mandate is to enhance access to services and grow career advancement opportunities for the Black community. Companies that have signed on include SoFi, MoneyLion, Monzo, Cadre, Marqeta, Varo, and other known fintechs.

Why should we care?
The industry has long pushed inclusive messages, but minorities continue to be underrepresented. Consider these numbers: Certified financial planners (CFPs) who are Black or of Latin American descent make up just 3.8% of the total number, according to the CFP Board; 1% of venture-backed startup founders are Black; and 1% of senior management on Wall Street is Black. The Coalition has committed to engage Black-owned businesses as vendors; amplify Black voices in industry forums; ramp up recruitment efforts for staff and leadership roles; and publish progress against targets. Let’s hope this group, which includes many leading industry players, can back up words with action, and encourage others to follow suit.