UK BASED CRYPTO WALLET APP ZUMO IS REVOLUTIONISING THE TECH LANDSCAPE OF THE NATION – BOTH WITH ITS STAFF AND ITS CUSTOMERS
“The FinTech gender gap is most stark at the top – recent studies have demonstrated that woman represent just 14% of FinTech board seats. At Zumo women represent over 40% of our team and the same in our management team. Moreover, reports often place crypto owners as being less than 10% female… For Zumo, this isn’t a future we believe in.” - Dagmara Aldridge, COO – Zumo
Now representing some 36% of the Zumo consumer base, women make up a key customer segment for the Edinburgh based FinTech brand, bucking the market trend of being disproportionately male dominated.
Following a national survey carried out by the brand in Q1 2021, there were clear learnings as to why women underrepresented within the space. 56% of females said the reason they have never purchased crypto was because they feel they don’t know enough about it while only 49% of men felt the same.
Discussing why women seem feel less comfortable with the sector than men, CMO of Zumo , Amelie Arras said:
“Our approach to marketing crypto has to change – not to make it more “female friendly” but to make it more accessible for all. Working from the base line that there isn’t an intellect issue, then the lack of understanding for women is rotted in something deeper… This comes down to everything from the language we use, the pictures we create, and ultimately the content we put out into the wider world. That change happens from within, and it’s impossible to influence this without ensuring diversity exists at all levels of your business internally.
Lockdown was a period of change for the crypto market, seeing unparalleled growth from currency like Bitcoin, but also in terms of female representation with a CoinMarketCap report in April 2020 identifying that the number of women within the crypto industry grew by 43.24% in the first quarter of 2020.
“Change is coming- when asked if they would rather have £1,000 of crypto vs. stock, woman outranked men as crypto advocates. The same was true of government bonds, gold and property indicating that there’s not only a real appetite to move in the space, but a passion for the potential of its long-term value.” Devina Paul, CFO - Zumo
- Zumo National Crypto Survey, FocalData, 2020
- Oliver Wyman, Woman in Financial Services 2020
- CoinMarketCap, 2020