We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financial inclusion and helping people develop healthy financial habits. But to kick off 2025, we’re placing a focus on ‘fintech for good’ to find out exactly how much impact fintechs are having – both positively and negatively.
No one would be surprised to learn that 99 per cent of fintech firms are established with one overarching priority: to make money. Whether they aim to offer financial services to consumers, to service banks, or otherwise, many place the importance of DEI, financial inclusion, ESG or other societally-driven motivations, at very different levels.
To begin January’s fintech for good focus, we reached out to industry experts to ask whether they believe all fintechs have a responsibility to ensure they make a positive social impact.
Fintech for good is a ‘practical’ move
“Fintechs bear the responsibility to contribute to society,” responds Peter Wood, CTO of web3, crypto and blockchain recruitment agency Spectrum Search. “Their foundation lies in democratising access to financial tools and addressing inefficiencies in traditional systems.
“By aligning their services with societal needs, fintechs can tackle financial exclusion and inequality. Beyond a moral obligation, it’s a practical move, as customers increasingly prefer companies prioritising environmental, social, and governance factors.
“A fintech for good embeds purpose into its core. It designs solutions that enhance lives, like providing underserved communities with credit or promoting financial literacy. Transparency and measurable impact define such companies, as does collaboration with governments, NGOs, and businesses to maximise their reach.”
Judith Lamb, chief human resources officer at payments platform CloudPay, also believes that fintechs should adopt more socially positive approaches for the benefit of their business.
She explains: “Social responsibility is becoming more critical for businesses, including fintech firms. Aside from needing to be socially and economically responsible for the benefit of their own employee engagement and hiring, customers and clients are also demanding it as they too try to meet the needs of their own stakeholders. This isn’t going to slow anytime soon, so it is vital that fintech businesses focus on how they are driving a positive social impact.”
Measuring social impact
Not everyone shares the same opinion. “No, they don’t,” says Sunny Lu, founder of smart contract platform VeChain, in response to the question.
“That might seem like an odd response, but it’s true. Because without metrics or even a definition, ‘positive social impact’ is meaningless; it simply encourages irresponsible businesses to cloak themselves in the fig leaves of DEI and ESG while making no meaningful changes to their operations.
“But tweak the question a little, and you’ll get a very different answer. Do fintechs have a responsibility to make measurable improvements to the environment and society? Yes, of course, they do. A sustainable industry isn’t just one that’s ‘green’ or equitable just for the sake of it: it’s one that reflects the concerns of the society in which it operates and on which it depends.
“Basing ‘social impact’ initiatives on a trusted, unalterable, and universally verifiable record of the truth is the most powerful way fintechs can make the world a better and more sustainable place.”
June Ou, CEO of Provenance Blockchain, takes a similar approach: “To be honest, I cringe when I hear ‘social impact’ as there are differing views of the role of corporations (as well as individuals, government) have in addressing societal challenges, as well as the measurement of impact – how do you define success?
“My view is that corporations, including fintechs, which provide product/services to retail should focus on doing right by the consumer while, of course, increasing the success of the organisation for investors. If there is a grey area, the decision should not only be for the growth of the firm, but be certain that it is not detrimental to the customer, in fact, it should be positive for the customer.”
Leveraging blockchain to enhance inclusion
For Adrienne Youngman, CEO of Partisia Blockchain Foundation, the answer is also no. “The driving responsibility of any commercial business is to maximise shareholder value. That is hard-coded in the structure and incentives,” she explains.
“This is precisely why blockchain and decentralised finance (or DeFi) matter so much. The ‘shareholders’ are the users, there are no centralised intermediaries to extract value, and no one can be de-banked because there are no banks.
“Web3 doesn’t just promise more inclusive financial products—it provides radically new structures and incentives for them. If we truly want to change the outcomes, we need to change the game.”
Fintechs leveraging agility
James Lynn, co-founder of Currensea, explains how the agile nature of fintechs mean that they should prioritise positive social impact: “Businesses cannot rest on their laurels but must be constantly driving forward to improve their social or environmental impact.
“Fintechs have an advantage here. Given they tend to be more agile than established players, fintechs can introduce change much more quickly and effectively – collaborating with fintechs allows organisations to unlock access to transformative solutions that both elevate the customer experience and tackle societal challenges.
“Delivering positive social impact should be core to any organisation. For example, the travel industry is often criticised for not doing enough to tackle its environmental impact, but travellers need a simple, convenient and cost-effective way of offsetting their holidays. Currensea launched to not only offer travellers the lowest foreign exchange (FX) fees when they’re spending overseas but also to provide them with an effective method for giving back to some of the causes closest to their hearts.
“Currensea cardholders continue to make a positive environmental impact when they spend on their cards – users have now removed over 13 million plastic bottles from the ocean through donations to environmental causes.”
Dare to reimagine
Joshua Summers, co-founder and CEO of EnFi, also adds: “The most powerful social impact comes from fintechs who dare to completely reimagine financial systems, not just patch up broken ones. While established players hide behind legacy infrastructure and compliance barriers, innovative fintechs are proving that streamlined, AI-powered, synthetic workforce approaches can make financial services radically more accessible.
“Today, most fintechs prioritise either shareholder returns or social impact, rarely achieving both. Venture-backed fintechs chase rapid growth and profitability, sidelining underserved communities as they focus on high-revenue markets. Meanwhile, mission-driven fintechs tackle financial inclusion but often struggle to scale or secure funding due to slimmer margins.
“This can change.
“Fintechs must adopt models that balance profit and purpose, like tiered pricing to subsidise underserved groups or partnerships with governments and NGOs to expand reach. These approaches align naturally with the values of B-Corps, which prioritise social and environmental impact alongside financial performance.
“For this to succeed, venture capitalists must lead the way. They need to become comfortable backing B-Corps, seeing them not as a concession but as a competitive advantage, and driving fintechs toward this framework. Investing in social impact fintechs isn’t just ethical—it’s smart.”
The inclusion solution
“Fintechs hold a lot of power when it comes to bridging the gaps in financial inclusion,” says Rehana Mitha, MD at Edenred Payment Solutions. “The entire industry has been designed to provide faster, cheaper, and more accessible services all of which can easily contribute to a positive social impact.
“Over the years, we’ve seen great budgeting tools launched from the likes of Monzo, really smart spending rules and card usage from companies like Sibstar, and brilliantly simplified business banking journeys from companies like Tide.
“Looking forward, I think tools like virtual cards will be integral to the next stage of socially good fintech products. Take instant insurance payouts, for example. Getting your money as quickly as possible when in the middle of a difficult situation can be life-changing. We often don’t think how much of the stress of that situation hinges on a payment being made quickly, and with virtual cards insurance companies have an amazing opportunity to level up their social impact, and take better care of their customers.
“And it’s not just about the tools; fintechs must act with purpose, embedding customer-centric values and ethical practices into their DNA. By focusing on social impact alongside innovation, fintechs can drive trust and lead meaningful change in the financial landscape.”
