Month: March 2024

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Our Female Founders

On Thriving in a Male- Dominated Industry

Still in the spirit of International Women’s Day and celebrating inspiring women in finance, we decided to feature Solape Akinpelu, the CEO of HerVest, a fintech company pioneering inclusive finance for African women. Solape shared her insights on thriving and making a name for yourself as a female in the finance industry, a male-dominated field, using her experience as an example.

Solape Akinpelu’s journey exemplifies resilience and innovation in navigating the male-dominated landscape of finance. As the CEO of HerVest, she not only leads a groundbreaking fintech initiative but also embodies the ethos of empowering African women economically. Solape’s determination to break barriers and foster inclusivity serves as a beacon for aspiring female professionals in finance. Through her leadership and vision, she inspires a new generation of women to pursue their ambitions fearlessly, demonstrating that gender should never be a limitation in achieving success in any industry. Her story highlights the importance of representation in creating a more equitable and diverse financial ecosystem.

Can you tell us about a specific instance where you had to overcome a stereotype or challenge related to your gender while building your name in the finance industry? How did you use that experience to further empower yourself and also inspire others?

I always say the financial services were made for people and not for women and this is evident in the bottom-up structure from leadership to participation. I knew it wasn’t going to be easy from the get-go. I mean we are still celebrating first female bank managers in 2024. I however underestimated the stereotyping and challenges when it came to raising funds for my company HerVest.

Traditionally, when it comes to credit, women are not high-interest groups for traditional banking institutions. Access to finance is a big issue. While male founders were raising seed rounds for their companies in 2020, 2021, and 2022, we could count blindfolded how many female founders were backed by investors. Statistics show that women raised only 2% of VC funding in 2021.

To overcome this challenge, I had to work on my pitching skills and develop a confident presence and personal agency. I sought constructive feedback after pitches. I sought guidance from successful female entrepreneurs who had gone through similar experiences and learned valuable strategies to navigate the fundraising landscape. I also focused on building strong relationships with potential investors, showcasing my expertise, and highlighting the unique perspective and value that being a female founder brings to the table.

Through this experience, I learned the importance of resilience and determination in the face of gender stereotypes in the finance industry. I used this setback as an opportunity to further empower myself by honing my pitching skills, refining my business strategy, and staying true to my vision. I actively participated in panels, workshops, and networking events to raise awareness about the challenges women face in fundraising and to provide guidance on overcoming these obstacles.

By sharing my story and experiences, I aimed to empower other women to break barriers, challenge stereotypes, and succeed in the finance industry as entrepreneurs.

HerVest primarily focuses on providing women smallholder farmers with credit for their agribusinesses. This March, we expanded our credit services to WSMEs in the country.

Our goal is to close the $42bn gender finance gap in Africa with over 15.6bn trapped in agriculture. We resonate with the financing struggle and are positioned to help female entrepreneurs scale this hurdle.

Many women in male-dominated fields have unique stories of forging their own paths and building their reputations. What steps did you take to stand out and become recognized for your expertise, and how did you find your voice amidst established figures in the industry?

First, I’d say continuous learning was key. I made sure to stay updated with the trends and advancements in my field by attending workshops, and conferences, and pursuing relevant certifications. I am a certified Personal Finance Coach from the National Financial Educator’s Council in America.

Secondly was being intentional about my network. This is my greatest asset. I always say that you are as wealthy as the people you know. There is no one too big or small that I can’t talk to maintain a valuable and healthy relationship with. I actively networked with professionals in my industry, both men and women and sought mentorship from established figures.

Additionally, I showcased my expertise by regularly publishing articles, giving presentations at conferences, and participating in panel discussions to showcase my knowledge in the field.

Lastly, I’d say I embraced my unique perspective as a woman in a male-dominated field and used it to my advantage to bring fresh insights and ideas to the table.

Looking back on your career journey, what advice would you give to younger women starting a career in the financial industry who aspire to make a name for themselves?

I’d say put in the work. Nothing good comes without discipline and diligence. Network horizontally and vertically. Volunteer at relatable industry events. Attend conferences. Technology has made it easier to connect with almost anybody. Additionally, try to build diverse experiences across the financial sector. Find out what ticks in insurance, wealth management, pensions, fintech and so on. Lastly and importantly, be impact-oriented on your job. Working in financial services is more than a role. It affects lives and has a ripple effect on nations and economies. So back it up with a bigger purpose. Be intentional. Be committed.

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Our Female Founders

#IWD2024: Inspiring Inclusion for Women in Finance

International Women’s Day (IWD) is a global day celebrating the social, economic, cultural, and political achievements of women. The day also marks a call to action for accelerating gender parity. This year, we turn our spotlight toward the remarkable women who are shaping the future of the finance industry.

For decades, the finance industry has been a male-dominated field, often pictured as a sea of power suits and boardrooms filled primarily with male figures. Statistics provide a distinct illustration of this. While women comprise roughly 50% of entry-level positions, according to a 2022 report by Catalyst, their representation shrinks significantly as they climb the corporate ladder. 

Data from Deloitte also revealed that only around 21% of board members and 19% of C-suite roles are held by women, with an even smaller 5% holding the coveted CEO position. Focusing on Wall Street, a global financial powerhouse, the numbers are equally alarming. This glaring lack of representation at the top underscores the persistent gender gap in leadership roles within the financial sector.

Despite these challenges, positive developments are emerging. While representation in leadership positions remains limited within the Nigerian financial sector, eight out of 24 commercial banks boast women CEOs, according to a 2023 report by Women’s World Banking. This is a noteworthy accomplishment, though it translates to only one-third of top leadership positions held by women, highlighting the ongoing need for progress towards inclusion across all levels of the industry.

This International Women’s Day (IWD), aligning with the theme of Inspire Inclusion, we decided to celebrate the remarkable stories, experiences, and insights of women who are leading the charge in the financial industry, breaking barriers and paving the way for a more inclusive future. These women, through their dedication, resilience, and expertise, are not only achieving success themselves but also inspiring the next generation of female leaders in the financial industry.

On Dealing With Societal Expectations and Beliefs that Question Women’s Leadership 

Tosin Faniro-Dada – Partner, Breega

Navigating the finance industry, which is predominantly male dominated, has been a journey filled with challenges, triumphs, and a determination to break through gender barriers. One of the most significant challenges I’ve faced revolves around societal expectations rooted in gender stereotypes. There have been instances where I walked into meetings only to be questioned about the possibility of someone else joining me. My response? A firm but polite “No, it’s just me.” Many times, I find myself the only woman in the room. These experiences have become opportunities for personal growth and resilience. They’ve taught me to be courageous, stay focused, and put in double the effort to prove my capabilities. While I firmly believe in the value I bring to any organization, I also recognize the importance of paving the way for future generations of women in finance. I want to show them that a successful career in finance is not just a possibility; it’s an achievable reality. It’s about breaking barriers, standing tall, and letting upcoming women know that they belong in the room just as much as anyone else.

Women are shattering barriers and claiming top leadership roles across diverse industries, and one standout example is Ngozi Okonjo-Iweala. Her journey is nothing short of inspiring; she made history as the first woman and first African Director-General of the World Trade Organization. Mrs. Iweala’s story is close to my heart because it radiates resilience. Serving twice as Nigeria’s Finance Minister, she faced numerous challenges during her second term, including death threats for standing up against corruption. Yet she never backed down. Another remarkable woman is the late Prof. Dora Akunyili, the former Director-General of the National Agency for Food and Drug Administration and Control. She waged a war against counterfeit drugs in Nigeria, tirelessly raising public awareness. Even after surviving an assassination attempt, Prof. Akunyili persisted in her mission. Her incredible dedication earned her over 900 awards, the highest ever received by any Nigerian.  These stories aren’t just tales; they’re powerful motivators for women to be bold, fearless, and confident in their capabilities. Both women teach us the importance of resilience, urging us not to surrender in the face of adversity. Their journeys are beacons of inspiration, encouraging us all to pursue our dreams with unwavering determination.

Fostering a more inclusive environment and empowering women in finance requires a combination of organizational changes, industry initiatives, and individual actions. Changes such as representation in leadership. Ensuring transparency in leadership opportunities and promotions, providing equal chances for women to advance. Flexible work arrangements to accommodate diverse needs including working mothers. Reviewing hiring practices and ensuring that recruitment processes are unbiased. Additionally, supporting networks and organizations dedicated to addressing gender disparities, promoting inclusivity, and providing career support for women in finance is crucial.

On Navigating Pervasive Stereotypes

Oluwatosin Olaseinde, CEO Money Africa

For me, personally, navigating stereotypes in the finance industry has been about consistency and determination. Instead of allowing myself to be defined by outdated perceptions, I’ve chosen to focus on doing the work and showcasing my skills. Through consistently showing up and delivering results, I’ve been able to challenge these stereotypes head-on. After all, actions speak louder than stereotypes.

One of the most significant challenges women face in finance is the difficulty in raising funds compared to their male counterparts. Rather than viewing this as a setback, I’ve embraced it as an opportunity for growth. From day one, I’ve focused on survival, seeking out alternative funding avenues and innovative strategies. This mindset shift has not only helped me overcome obstacles but has also contributed to my personal and professional growth, strengthening my resilience and resourcefulness in my career journey. 

To other women aspiring to thrive in the finance industry, my advice is simple: there’s room for you. Despite the existing stereotypes and biases, don’t let them deter you from pursuing your ambitions. Instead, use them as motivation to prove your worth and capabilities. Focus on honing your skills, building a strong support network, and advocating for yourself in the workplace. Your actions and achievements have the power to shatter stereotypes and open doors, not just for yourself, but for countless women who will follow in your footsteps, creating a fairer and more inclusive financial industry.

On the Importance of Mentorship and Building a Support System

Chigozirim Ugochukwu – COO/ Co Founder, GetEquity

Throughout my career, having a strong support network and a dedicated mentor has been instrumental in my growth and development. My first significant career break came through the guidance of my mentor, who also helped me navigate the complexities of a career switch. She instilled in me the confidence and assertiveness needed to thrive as a leader, particularly within the Fintech industry.

Now, as I navigate my own career path in the finance industry, I actively seek out three key qualities in a potential mentor. Firstly, I value a mentor who “gets it,” someone who possesses empathy and understands the unique challenges I face, offering insightful perspective and helping me see situations clearly. Having a mentor who can advocate for me in relevant professional spaces is invaluable. Their ability to speak highly of my work can open doors and foster new opportunities. Finally, open communication is crucial. I appreciate mentors who are approachable and readily available to share their knowledge and offer guidance.

Beyond my personal experience, I actively contribute to fostering a supportive and empowering environment for other women, particularly young professionals in finance, by making myself approachable. While I may not be able to mentor everyone, I ensure everyone feels welcome to reach out and initiate conversations.

For women in finance hesitant to reach out for mentorship, my advice is simple: “Shoot your shot!” While offering value is beneficial in return, the most important step is taking the initiative to reach out for mentorship.  

Conclusion

This International Women’s Day, inspired by the stories of Tosin Faniro-Dada, Oluwatosin Olaseinde, Chigozirim Ugochukwu, and countless others, we move forward with a commitment to “Inspire Inclusion” and ensure that future generations of women entering finance don’t have to navigate “seas of power suits” filled exclusively with men. Instead, there is an industry where women feel empowered, valued, and actively shape the future of finance.

Leading by example, GetEquity is proud to have women like Chigozirim occupying leadership positions, demonstrating our commitment to gender parity at all levels. This International Women’s Day is a springboard for action, and we are championing representation in leadership, dismantling biased hiring practices, and actively supporting initiatives dedicated to gender parity. Together, by fostering a culture of inclusion and empowering women at all levels, we can transform the financial industry—not just for today but for even generations to come.

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Editor's pick

13 Weeks at TechStars: GetEquity Co-Founders’ Journey

For many startups, including ours, getting accepted into Techstars is a significant milestone—a validation of the problem you are solving and the potential of your solution. It is a recognition of the countless hours poured into building something meaningful, signaling to the world that you are on the right track.

Our experience at Techstars was nothing short of amazing. We have grown immensely as a company and as individuals. In this blog post, we are excited to share a glimpse into our journey at Techstars, filled with intense learning, invaluable connections, and pivotal moments.

Pre-Program: Applying for the TechStars Program The journey of a thousand miles begins with a single step—Lao Tzu.

When we started GetEquity, we had a clear vision: democratizing access to venture capital and empowering individuals to invest in promising startups. We spent years building GetEquity and passionately promoting our funding marketplace. We realized the African investment landscape faced broader challenges along the way. We had conversations with visionary founders and investors and recognized the need to pivot our approach from our existing business model to address these broader challenges comprehensively. 

This realization motivated us to apply for Techstars. Techstars provides the opportunity to tap into a community of founders, industry leaders, and potential investors—exactly what we needed to expand our offerings and solidify GetEquity’s place in the industry. Before applying, we set four major goals: refine our strategy, enhance our investment readiness, tap into mentor expertise, and scale our vision.

We began the application process in March 2023, filling out the online application and detailing our vision, team, and aspirations. After submitting, we faced the Techstars selection committee six times, providing detailed insights into GetEquity. In October 2023, we received the call we had been anticipating—we were selected as one of the top 12 startups, chosen from 5,000 applications, to participate in the 2023 ARM Labs Lagos Techstars Accelerator Programme.

This news brought immense joy. It marked the beginning of an incredible Techstars journey, one we were determined to maximize to achieve our goals.

During the program: 13 Weeks of Intense Learning and Growth

The only source of knowledge is experience. ~ Albert Einstein

Our Techstars journey began on November 13, 2023. For some of us who had been away from academic settings for a while, the initial weeks proved demanding. From Monday to Friday, our schedule was filled with classes, bringing back the nostalgic feeling of having a school routine.

We participated in workshops focusing on product-market fit, fundraising, and business development. The week after, they introduced something called “mentor magic”—a sort of speed dating program but for mentorship with senior operators and industry leaders. The idea behind it was quite interesting, and it gave us the opportunity to get valuable insights and actionable advice from these people. Not only did the advice they gave broaden our perspective, but we also built connections that opened doors to potential partnerships even in our first few weeks.

Juggling Techstars with daily responsibilities at GetEquity was demanding. We had to attend daily sessions while managing the team, keeping internal operations running smoothly, and even exploring new business opportunities. Fortunately, we found a way to balance both. We adjusted the timing of our standups, and to ensure everyone got the most out of the program, we took turns attending sessions based on what was most relevant to each co-founder’s role and immediate needs. 

One of our goals was to refine our strategy, which we achieved within those intense weeks. We broadened our scope to encompass a wider range of capital investments, including private equity, credit, bonds, debt, fixed income, debt, real estate, and other opportunities. This strategic move allowed us to cater to a broader range of qualified investors, transforming us from a niche player into a diversified, global business.

After the Program: Beyond Techstars


 All good things must come to an end, says Geoffrey Chaucer.

Our 13-week journey ended on February 20, 2024, with the Demo Day showcase. This was our moment to showcase the evolved GetEquity to an audience of investors, business leaders, and potential partners. It was the culmination of intensive learning and growth.

Techstars equipped us with the guidance and resources we needed. Now, it’s time for us to continue the journey on our own, armed with the knowledge we’ve gained and the connections we’ve made.


We’ve started by initiating targeted market expansion, establishing a presence in key regions with high growth potential. This involves not just entering new markets but also adapting our offerings to cater to the specific needs and regulations of each region. Secondly, we capitalized on the connections we made during the program. We partnered with key players in the private investment space, expanding our service offerings and fostering a collaborative ecosystem that would benefit both parties. These strategic moves not only solidified our position in the market but also helped achieve one of the goals we had in mind before applying for the program.

The intense weeks at Techstars changed us, not just in knowledge but in our very approach to GetEquity. We left the program with a refined operational philosophy. This includes the ability to adapt swiftly to evolving market conditions and continuously iterate both our product and overall strategy. Data has also become the cornerstone of our decision-making process, guiding us to measure the impact of every action and refine our operations when needed.

Considering Techstars? We’ve Been There, and Here’s What We Learned

 If you have knowledge, let others light their candles in it. Thomas Fuller

 If you are reading this blog post and you are considering applying for Techstars, here are some of our key takeaways that you might find helpful. These key takeaways will equip you for a successful application and even an enriching program experience:

  • Understand Techstars’ program and values, especially “Give First”. Your startup’s and personal values should align with theirs.
  • Clearly explain your vision and how your product meets a real need. Show real progress with data and documentation.
  • Build a strong, complementary team. Techstars values cohesive teams. Your founders, co-founders, and key team members must bring complementary skills to the company.
  • Demonstrate traction—it could be user growth, revenue, or product milestones. Tangible results show your company’s potential.

Once accepted, fully engage in “mentor madness.” Connect with mentors aligned with your goals, ask questions, and absorb their feedback. Stay adaptable, be open to new insights that reshape your perspective, and be ready to pivot strategically based on real-time feedback. Practice diligently, honing your storytelling skills to effectively communicate your company’s vision, value proposition, and potential. A strong pitch is important not only during Techstars but throughout your startup journey.

Conclusion

Our time at TechStars was amazing. We’re grateful for the resources and opportunity to learn and work alongside other startup founders. The mentors were real superstars, helping shape our team and vision. We’re energized and ready to take GetEquity to the next level. We are inviting you to join us on this exciting journey.

To learn more about GetEquity, download our app on iOS and Google Play, or visit www.getequity.io. Finally, if you have any questions or concerns, send us a message at support@getequity.io.