Does All Fintech Have a Responsibility to Ensure Positive Social Impact?

We regularly examine how fintechs are changing the banking and payments landscape, and occasionally look at how their solutions support financial inclusion and help people develop healthy habits in finance. But to kick off 2025, we’re focusing on ‘fintech for good’ to find out exactly what impact fintechs are having – both positive and negative.

No one will be surprised to learn that 99 percent of fintech companies are founded with one main priority: to make money. Whether they intend to offer financial services to consumers, to service banks, or otherwise, many place importance on DEI, financial inclusion, ESG or other socially driven motivations, at a very different level.

To kick off January’s fintech for good focus, we reached out to industry experts to ask if they believe all fintechs have a responsibility to ensure they make a positive impact on society.

Fintech for good is a ‘practical’ step

“Fintechs have a responsibility to contribute to society,” he replied Peter WoodCTO of web3, crypto and blockchain recruitment agency Spectrum Search. “Their foundation lies in the democratization of access to financial instruments and solving the inefficiencies of traditional systems.

“By aligning their services with the needs of society, fintechs can solve financial separation and inequality. More than a moral obligation, it is a practical step, because customers are increasingly want companies that prioritize environmental, social, and governance factors.

“A fintech for good embedding purpose at its core. It designs solutions that improve lives, such as providing credit to underserved communities or improving financial literacy. Transparency and measurable impact defines such companies, such as partnering with governments, NGOs, and businesses to maximize their reach.

Judith Lambchief human resources officer of the payments platform CloudPayalso believe that fintechs should adopt more socially positive methods for the benefit of their business.

He explained: “Social responsibility has become more critical for businesses, including fintech companies. Apart from the need to be socially and economically responsible for the well-being of their own engagement and hiring employees, customers and clients are also demanding it as they also try to meet the needs of their own stakeholders. This is not slowing down anytime soon, so it is important that fintech businesses focus on how they drive a positive social impact.

Measuring social impact

Not everyone has the same opinion. “No, they don’t,” he said Sunny Lufounder of the smart contract platform VeChainin response to the question.

“That answer may seem strange, but it is true. Because without a measure or even a definition, ‘positive social impact’ has no meaning; it simply encourages irresponsible businesses to cloak themselves in the fig leaves of DEI and ESG while making no meaningful changes in their operations.

“But change the question a bit, and you’ll get a very different answer. Do fintechs have a responsibility to make measurable improvements in the environment and society? Yes, of course, they do. A sustainable industry is not just one that is ‘green’ or fair just for its own sake: it is one that reflects the concerns of the society in which it operates and on which it depends.

“Basing ‘social impact’ initiatives on a reliable, immutable, and verifiable record of truth is the most powerful way fintechs can make the world a better and more sustainable place.”

Your JuneCEO of Provenance Blockchaintakes a similar approach: “Honestly, I get nervous when I hear ‘social impact’ because there are different views on the role of corporations (as well as individuals, governments) in solving social challenges, as well as measuring in effect – how do you define success?

“My view is that corporations, including fintechs, that provide retail products/services should focus on doing right by consumers while, of course, increasing the success of the organization for investors. If there is a gray area, the decision should not only be for the growth of the company, but make sure it does not harm the customer, in fact, it should be positive for the customer.

Using blockchain to promote inclusion

For Adrienne YoungmanCEO of Partition Blockchain Foundationthe answer is neither. “The driving responsibility of any commercial enterprise is to maximize shareholder value. That is hard coded in structure and incentives,” he explained.

“This is precisely why blockchain and decentralized finance (or DeFi) are so important. The ‘shareholders’ are the users, there are no centralized intermediaries to capture the value, and no one is de-banked because no banks.

“Web3 doesn’t just promise more inclusive financial products—it provides new structures and incentives for them. If we really want to change the results, we need to change the game. “

Fintechs capitalize on agility

James Lynnco-founder of Currencyexplains how the agile nature of fintechs means they must prioritize positive social impact: “Businesses cannot rest on their laurels but must continue to move forward to improve their social impact or nature.

“Fintech has an advantage here. Because they are more agile than established players, fintechs are able to introduce change more quickly and effectively – partnering with fintechs allows organizations to open access to transformative solutions that both elevate the customer experience and address societal challenges.

“Delivering positive social impact should be at the core of any organization. For example, the travel industry is often criticized for not doing enough to address environmental impact, but travelers need a simple, convenient and effective way to recover their holidays. Currensea has launched to not only offer travelers the lowest foreign exchange (FX) fees when they spend abroad but to also provide them with an effective way to give back to some of the causes closest to their hearts.

“Currensea cardholders continue to make a positive impact on the environment when they spend with their cards – users have now removed over 13 million plastic bottles from the oceans through donations to environmental factors.”

Dare to imagine again

Joshua Summersco-founder and CEO of EnFialso added: “The most powerful social impact comes from fintechs that dare to completely reimagine financial systems, not just fix the broken ones. While the established players hide behind the legacy infrastructure and compliance barriers, new fintechs are proving that a streamlined, AI-powered, synthetic workforce approach can make financial services more accessible accessible.

“Today, most fintechs prioritize shareholder returns or social impact, rarely achieving both. Venture-backed fintechs chase rapid growth and profitability, marginalizing communities that underserved as they focus on high-income markets. Meanwhile, mission-driven fintechs face financial inclusion but often struggle to scale or secure funding because in thinner margins.

“It can change.

“Fintech must adopt models that balance profit and purpose, such as tiered pricing to subsidize underserved groups or partnerships with governments and NGOs to expand reach. These methods naturally align with B-Corps’ values, which prioritize social and environmental impact alongside financial performance.

“For this to succeed, venture capitalists must lead the way. They should become comfortable supporting B-Corps, seeing them not as a concession but a competitive advantage, and driving fintechs towards this framework. Investing in social impact fintechs isn’t just ethical—it’s smart.”

The inclusion solution

“Fintechs have a lot of power when it comes to bridging the financial inclusion gap,” he said Rehana MithaMD and Edenred Payment Solutions. “The entire industry is designed to provide faster, cheaper, and more accessible services that all contribute to a positive impact on society.

“Over the years, we’ve seen great budgeting tools launch from the likes of Monzoreally smart spending rules and card usage from companies like Sibstarand brilliantly simplified business banking journeys from companies like Tides.

“Looking ahead, I think tools like virtual cards will be important in the next phase of good social fintech products. For example, getting instant insurance payments. Getting your money in very quickly when in the middle of a difficult situation can be life-changing. We often do not realize how much stress in that situation depends on a payment being made immediately, and with virtual card insurance companies have a unique opportunity to increase their social impact, and care for their customers.

“And it’s not just about tools; Fintechs must act with purpose, embedding customer-centric values ​​and ethical behavior in their DNA. By focusing on social impact alongside innovation, fintechs can drive trust and lead meaningful change in the financial landscape.