Improving staff retention is an important first step in tackling the tech sector ’ s diversity problem , according to the authors of a new research report , published by Wiley .

Nearly two-thirds ( 64 %) of businesses admit to struggling to retain employees from underrepresented backgrounds , according to the research . This is in spite of a majority ( 65 %) of respondents believing that they work hard to foster an inclusive corporate culture .

More than a quarter ( 27 %) of tech workers aged between 18 and 24 say they have left a role because they didn ’ t feel a sense of belonging , while over a fifth ( 22 %) say they had previously experienced biased treatment from managers . The research indicates that failing to create a truly inclusive and welcoming environment contributes directly to poor retention rates on tech teams .

� BUTTER The Silicon Valley fintech , which helps online subscription businesses to reduce “ accidental churn ” within payment processing , has raised US $ 22mn in Series A funding led by Norwest Venture Partners .

� 40SEAS The Israeli fintech platform for cross-border trade financing has emerged from stealth , raising US $ 11mn in seed funding from Team8 and securing a US $ 100mn credit facility from ZIM Integrated Shipping Services .

� PADDLE The UK payments fintech announced it would be cutting around 8 % of its workforce as tech industry layoffs continue into 2023 . Founder and CEO Christian Owens said it was a response to rising inflation .

� CLEARCO The troubled lending firm , which has undergone a significant downsizing in the past year , has announced the departure of CEO Michele Romanow – the second chief executive to leave the company in the past 12 months .

fintechmagazine . com 15