Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Task Force on Financial Technology hearing entitled, “Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs.”

Thank you so very much, Mr. Lynch.

You know, Chair Lynch, this is a most important meeting that we’re having here today. And I thank you so much for your leadership.

Research shows that companies led by diverse senior leadership outperform those that are led primarily by white and male leaders. And yet, venture capital funding for new fintech companies goes overwhelmingly to those founded by white men. In fact, only 2 percent of venture capital funding went to women founders, only 1 percent to Black founders, and only 1.8 percent to Latinx founders.

Venture capital can mean the difference between success and failure for a new fintech, and we can all benefit from promoting diversity in future fintech industry leaders.

And so, I look forward to hearing from our panel about the challenges that exist in promoting diversity in venture capital funding, and I yield back. Thank you very much! 

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