Will FinTech Close the Financial Literacy Gap and Redefine Wealth?

Tamara Kostova, Founder and CEO - Velexa

At FinTech Connect 2024, held at London’s iconic Excel Centre, Tamara Kostova, Founder and CEO of Velexa, joined Nadia Edwards-Dashti on FinTech's DEI Discussions for a heartfelt and thought-provoking conversation. Together, they explored the intersection of diversity, equity, and inclusion in financial technology, focusing on financial literacy, leadership, and resilience. Harrington Starr, a global leader in FinTech recruitment, proudly brings you this episode, underscoring our commitment to spotlighting transformational leaders in the industry. The energy and engagement at FinTech Connect further amplified the themes of collaboration and innovation, setting the stage for this inspiring dialogue.

Will FinTech Close the Financial Literacy Gap and Redefine Wealth?

Tamara Kostova has a clear mission: to close the global financial literacy gap and make financial education more accessible. During the podcast, she shared how Velexa’s platform is designed to democratise wealth management services, offering tools and resources for mass retail customers, Gen Z, and underserved communities. Velexa’s mission initially focused on providing access to investment services, but Tamara quickly recognised that education must accompany access to empower users fully. The platform is not just a tool for financial growth but a gateway to understanding and confidence for those who have traditionally been excluded from wealth-building opportunities.

As she pointed out, “Ninety per cent of people feel intimidated by finance.” To address this, Velexa evolved its services to deliver personalised and contextualised financial education, enabling individuals to confidently navigate their wealth-building journeys. This approach aligns seamlessly with Tamara’s personal mission, intertwining her passion for empowering others with Velexa’s goals. Her commitment exemplifies how leadership in FinTech can drive meaningful societal change, transforming not just financial systems but individual lives.

Overcoming Challenges as a Female Founder in FinTech

Tamara’s journey as a female founder in the traditionally male-dominated world of wealth management has been anything but smooth. She candidly shared the ups and downs of her career, describing the founder’s journey as “full of craziness surrounded by big ups and downs.” Early on, Tamara faced challenges communicating Velexa’s vision to an industry resistant to change. However, her persistence and passion allowed her to find like-minded partners and customers who shared her mission to prioritise financial education and inclusion. Each step forward was a testament to her unwavering dedication to reshaping an industry that often resists change.

Tamara’s resilience was a recurring theme in the conversation. She revealed her daily routine of recalibrating each morning, setting intentions, and refusing to let setbacks linger. For her, resilience isn’t about avoiding failure but learning from challenges and moving forward. This mindset not only drives her professional success but also inspires her team and the wider FinTech community. Her story resonates deeply with those striving to break barriers and redefine success in their respective fields.

A Personal Story of Resilience and Determination

Tamara shared a deeply personal story about her daughter’s health journey and how it has shaped her perspective on resilience. Her daughter, who faced a life-threatening condition and underwent surgery as a young child, learned to swim competitively despite significant challenges. Tamara described watching her daughter win a school swimming competition as a transformative moment, one that reinforced the importance of staying focused and authentic. The triumph was not just her daughter’s but also a profound reminder of the strength found in persistence and belief.

“She swims in her own swim lane, undistracted by anything else,” Tamara explained, drawing a powerful metaphor for her own approach to leadership. Her advice to others is to stay authentic, avoid distractions, and remain committed to their unique path—a philosophy that has clearly driven her success in FinTech. This lesson, rooted in personal experience, is a call to all leaders to remain steadfast in their missions, regardless of external noise.

Networks in FinTech

A key highlight of the conversation was Tamara’s dedication to building inclusive networks. She emphasised how crucial connections and community are in fostering innovation and collaboration. Reflecting on her journey, she shared how introductions and partnerships have enriched her mission and reduced feelings of isolation. Tamara’s generosity in connecting others has not only strengthened her network but also amplified her impact within the FinTech ecosystem. This practice of building bridges underscores her belief in the power of collective growth.

At FinTech Connect 2024, Tamara noted the prominence of the Bulgarian FinTech Association, an organisation representing her home country, and expressed pride in its achievements. This personal connection to her roots underscores her belief in the power of diverse perspectives and collaborative efforts to drive industry-wide change. For her, networking is about more than professional advancement; it’s about creating a supportive environment where innovation can thrive. It’s also about fostering a sense of belonging that can fuel transformative ideas.

Addressing the Gender Wealth Gap Through Financial Technology

Tamara’s vision for financial inclusion extends beyond providing access; it’s about recognising and addressing systemic issues like the gender wealth gap. She highlighted the importance of designing financial services that cater to diverse customer segments, including women. Her commitment to inclusive design reflects a broader understanding of how tailored solutions can drive engagement and trust.

“You can’t build products that work for women without understanding how women interact with financial services,” Tamara stated, underlining the need for diverse and inclusive workforces within FinTech companies. By fostering inclusive teams, organisations can better understand and address the unique needs of different demographics, driving both innovation and impact. The ripple effects of such initiatives extend beyond business, shaping a more equitable financial landscape.

Leadership Lessons for Inclusive Change

As a leader, Tamara prioritises open communication and collaboration. She shared how she values input from her team, encouraging them to contribute ideas and solutions. For her, inclusive leadership means fostering a culture of trust and shared vision. She believes that by empowering her team, she can drive greater innovation and achieve Velexa’s mission more effectively. Her leadership serves as a blueprint for companies looking to embed inclusion at their core.

Tamara’s leadership style exemplifies how diversity and inclusion can be embedded into the core of a business. By creating an environment where all voices are heard, she has built a company that not only reflects her personal values but also serves as a model for others in the FinTech industry. Her dedication to transparency and collaboration demonstrates the tangible benefits of inclusive leadership.

The Role of Resilience in FinTech Recruitment

Nadia and Tamara’s conversation also touched on the broader lessons for the FinTech sector, including the importance of resilience in navigating a rapidly evolving industry. At Harrington Starr, we see this resilience every day in the candidates and companies we work with. Whether you’re building inclusive teams, driving technological innovation, or addressing systemic challenges like the financial literacy gap, resilience is key to long-term success. It’s about adapting to change, embracing challenges, and continually striving for progress.

As a global leader in FinTech recruitment, Harrington Starr is committed to supporting organisations that prioritise diversity, equity, and inclusion. By connecting top talent with forward-thinking companies, we aim to help the industry continue its journey towards a more inclusive and innovative future. Our role as facilitators of this change aligns closely with the themes explored in this podcast, showcasing how recruitment can be a catalyst for transformation.

Continuing the Conversation on Financial Literacy

The episode concluded with a shared commitment to continuing the conversation around financial literacy and inclusion. Tamara expressed her desire to host dedicated sessions on these topics, emphasising the need for sustained dialogue and action. Nadia echoed this sentiment, highlighting the importance of sharing stories and learning from diverse perspectives. Together, they envisioned a future where financial education becomes a cornerstone of inclusion initiatives across industries.

At Harrington Starr, we believe that discussions like these are vital for driving progress in FinTech. By shining a light on leaders like Tamara Kostova, we hope to inspire others to take meaningful steps towards a more inclusive industry. Every conversation, partnership, and initiative adds momentum to the broader movement towards equity and innovation.

Tune In to FinTech's DEI Discussions

This episode of FinTech’s DEI Discussions offers a powerful exploration of resilience, leadership, and the transformative potential of inclusive financial technology. Recorded live at FinTech Connect 2024, it captures the energy and innovation driving the industry forward. From addressing systemic barriers to fostering innovation, the insights shared in this episode resonate deeply with the challenges and opportunities facing FinTech today.

This podcast episode perfectly aligns with Harrington Starr's mission as a global leader in FinTech recruitment. By showcasing Tamara Kostova’s inspiring journey and her commitment to financial literacy and inclusion, it highlights the transformative impact of diverse leadership in the industry. At Harrington Starr, we are dedicated to connecting top talent with forward-thinking companies like Velexa, fostering innovation and driving progress. Through discussions like these, we amplify the importance of diversity, equity, and inclusion, reinforcing our role as a trusted partner in shaping the future of FinTech. This episode underscores our commitment to empowering individuals and organisations to make meaningful strides in an ever-evolving industry.

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