Stocks and the City - Gender-inclusive internationalization strategy for female-targeting fintech firms

Abstract

This thesis examines how female-targeting fintech firms can internationalize in ways that genuinely promote financial inclusion for women. Conducted as an exploratory interview study with Female Invest, it builds on the broader observation that gender remains largely absent from fintech’s outlook. The study addresses two key research gaps. First, financial inclusion efforts often overlook how cultural and economic factors shape women’s financial behavior and how these insights can inform strategic decision-making. Second, there is a lack of frameworks that account for gender dynamics in fintech internationalization. This study bridges these previously siloed areas of financial behavior and internationalization theory by proposing an integrated approach to support gender-inclusive global expansion.
The purpose of this thesis is to define gender-inclusive strategies for the internationalization of female-targeting fintech firms. Grounded in research on gender-specific financial disparities, it explores how these insights can inform international expansion while aligning with broader corporate and brand strategies. The study focuses on identifying critical success factors, understanding their roles, and determining how to engage with them to authentically meet women’s financial needs across diverse global markets, while avoiding accusations of fem-washing.
The theoretical framework draws on corporate strategy, internationalization theory, brand theory, and fem-washing literature. Given the exploratory nature of the research, a qualitative approach was adopted. Data were collected through semi-structured interviews with four types of participants: representatives from female-targeting fintech firms, individuals leading female-focused initiatives within broader fintech firms, subject-matter experts, and professionals from traditional fintech companies, without female-targeting initiatives. This approach provides a multifaceted perspective on gender-inclusive internationalization.
The results of this study highlight four central themes that shape how female-focused fintech firms approach internationalization: Strategy, Execution, Authenticity, and Cohesion. At the core lies an authentic drive to advance women's financial inclusion. When this mission genuinely drives decision-making, commercial success and social impact become mutually reinforcing. Profitability stems from a dual strategy: a scalable core offering and communication rooted in universal financial needs, paired with a culturally adaptable outer layer that ensures local relevance. Crucially, sustained trust and engagement depend on cohesion, demanding that internal values and external expressions are aligned. This coherence, upheld by an authentically mission-driven team, transforms purpose into commercial viability across diverse contexts. Ultimately, these findings offer practical guidance for fintech firms seeking to build gender-inclusive internationalization strategies that are both effective and enduring.

Popular Abstract

Rethinking Fintech: How Women Are Driving the Future of Finance
By Louise Karlsson and Filippa Sivnert | May 28, 2025

Money is power, so why are women still facing stubborn barriers to financial inclusion? From investment platforms to budgeting apps, fintech continues to underserve half the world’s population. The evidence is clear: financial services firms are leaving $700 billion on the table by failing to better serve female customers.

Women are achieving higher levels of education, taking higher paying jobs, and are responsible for managing more wealth than ever. But their full financial potential remains untapped when the tools they’re offered were designed for a "default male" user.

This isn’t a capability gap, it’s a relevance gap. Fintech falls short not because women don’t understand money, but because the products weren’t built with their realities in mind.

Female-focused fintechs are redefining the industry, and their success reveals a powerful truth: women are not a niche market, but a strategic imperative. As the sector evolves, centering the needs and perspectives of women isn't just a strategy. It's essential for future resilience and relevance.

These innovators aren’t slapping pink logos on old products. They’re starting with deep psychographic segmentation: understanding women’s values, behaviors, and unmet needs, not just broad demographics. Gender may be the entry point, but effective strategy requires going deeper, recognizing the diverse financial lives and motivations of women across cultures.

But insight alone isn’t enough. Execution matters. Leading female-focused fintechs align mission and profitability from day one. Profit isn’t sidelined; it’s what sustains the mission over time. These companies move deliberately, testing ideas through lightweight pilots, like webinars or community workshops, before scaling. They refine what resonates and shelve what doesn’t.

Leadership continuity plays a vital role. Stable, values-aligned teams enable strategic consistency and prevent mission drift. This discipline allows firms to balance a scalable core product with locally adapted features, maintaining brand coherence while remaining attuned to specific market realities.

Communication is equally critical. Top firms combine emotional resonance and clarity, using storytelling and relatable role models to build trust and accessibility. For women to embrace investing, they need to see themselves reflected in the narrative. The right voices make financial independence feel both tangible and personal.

Cohesion is the silent superpower. Value-driven teams prove inclusion is foundational, not performative. When teams embody the mission in everything from product to partnerships, authenticity emerges organically. Legacy institutions may mimic the language, but they often miss the coherence. One is calculated. The other simply is.

Fintech’s future isn’t about marketing to women, it’s about redesigning finance with them in mind. The winners will be those who merge purpose and profit, scale thoughtfully, and operate from a place of real understanding. These companies aren’t just advancing equality. They’re building smarter, more resilient businesses. Women are changing finance. It’s time fintech caught up.

This popularized summary is derived from the master's thesis “Stocks and the City: Gender-inclusive internationalization strategy for female-targeting fintech firms” written by Louise Karlsson and Filippa Sivnert (2025) at the Division of Production Management at the Department of Mechanical and Industrial Sciences at Lund University, LTH.

• author: Karlsson, Louise and Sivnert, Filippa
• supervisor: Izabelle Bäckström
• organization: Department of Mechanical Engineering Sciences; Production Management
• course: MIOM05 20251
• year: 2025
• type: H2 - Master's Degree (Two Years)
• subject: Business and Economics
• keywords: Fintech, gender, women, gender gap, financial inclusion, financial equity, financial literacy, financial empowerment, fintech adoption, fintech internationalization, female-targeting fintech strategy, gender-inclusive finance, fem-washing, brand authenticity, cultural adaptation, cultural differences, gendered innovation, international marketing, gender and technology, feminist analysis, strategic cohesion, digital financial services, psychographic targeting, market entry strategy, local-global balance, value-based branding.
• other publication id: 25/5324
• language: English
• id: 9201150
• date added to LUP: 2025-06-19 10:45:51
• date last changed: 2025-06-19 10:45:51