How to Build Thriving and Diverse Teams in FinTech

In this episode of FinTech’s DEI Discussions, Harrington Starr’s Co-Founder and Chief Customer Officer, Nadia, speaks with Gary Prince, CEO of The PayFirm, about his personal and professional journey in building an inclusive workplace. The conversation dives deep into how leaders can foster diversity and equality, not as temporary initiatives but as essential elements of business practice. Gary shares his unique insights on leadership, overcoming challenges, and what it takes to ensure inclusivity is not only discussed but actively practised in FinTech organisations. 

The PayFirm’s Journey: Overcoming Challenges and Building Solutions 

Gary Prince begins by discussing his recent journey as the CEO of The PayFirm. The PayFirm is an e-money issuer, authorised in September 2021. He was approached to take on the CEO role for what he describes as a "blank EMI" – a company that held the necessary licences but hadn’t yet developed any significant infrastructure. After initial discussions with The PayFirm’s COO and a beneficial owner from Malaysia, Gary took over the CEO position in March 2022. The company had to launch this initial solution to comply with the regulatory two-year rule, which stipulates that e-money issuers must either begin operations within two years of authorisation or lose their licence. 

Determined to build something, Gary sought approval to find an alternative back-end partner and systems integration team. He signed a contract with Viscada in November 2022 and began rebuilding The PayFirm from the ground up, resulting in a completely new back-end and front-end ecosystem. The PayFirm is now a principal member of both Visa and Mastercard and is actively involved in card issuing, among other payment solutions. The team has grown from five employees when Gary joined to 14, with further expansion into Europe and Asia on the horizon as the company applies for new EMI licences in these regions. 

"Can’t Doesn’t Exist": Gary’s Philosophy of Payments Leadership 

Nadia shifts the discussion to Gary’s personal philosophy that "can’t doesn’t exist," a mantra that drives his approach to business and leadership. Gary attributes this mindset to his upbringing in East London, where he developed a “street smart” attitude early on in life. He describes himself as someone who was “dragged up” rather than raised, and this formative experience taught him to be resourceful and to challenge the idea of limitations. 

Gary shares his early aspirations of working in the City, starting out in the back office and hoping to become a bond trader. Though this path didn’t work out as he initially envisioned, he eventually found his way into the payments industry through the mobile phone sector. Over the years, his career evolved, with his logical mind proving invaluable in understanding and streamlining payment flows.  

Gary’s "can’t doesn’t exist" philosophy is particularly relevant when it comes to leadership and driving change. He emphasises that if something is the right thing to do, there is always a way to make it happen. He has applied this mindset not just in developing The PayFirm’s business model but also in his approach to building an inclusive, diverse team. 

Inclusion as a Daily Practice, Not a Token Gesture 

A key theme throughout the episode is Gary’s strong belief that inclusion should not be treated as a temporary or token gesture. He expresses his frustration with companies that only acknowledge inclusion and diversity during special occasions like International Women’s Day or Black History Month. In his view, inclusion should be the norm, embedded into the everyday operations of the business. 

Gary provides a concrete example from The PayFirm, where six of the 14 employees are women. This gender balance wasn’t achieved through a quota system or a deliberate diversity initiative. Instead, it was a natural result of hiring the best people for the job, regardless of gender. For Gary, this is how inclusion should work – not as something that needs to be forced, but as a standard practice where the focus is on bringing the best talent into the business, whoever they may be. 

Gary also explains that while he supports specific initiatives and days that celebrate diversity, he is disheartened by the fact that these efforts are often short-lived. Companies put up banners, participate in events for a week, and then pack everything away until the next year. He believes that inclusion should be part of the company's DNA and should be practised daily, until we reach a point where conversations about "50/50 inclusivity" are no longer necessary because it is simply the norm. 

Challenging Traditional FinTech Recruitment Practices 

As the discussion continues, Nadia asks Gary about his approach to recruitment, particularly in the fast-moving FinTech space. Gary emphasises that he doesn’t focus heavily on CVs because they often don’t provide an accurate reflection of a candidate’s potential. He believes that many candidates embellish their CVs to get in front of hiring managers, and in the process, they may not fully represent their true capabilities. 

Gary prefers to look beyond CVs and focus on the person behind the document. He takes the time to understand their character, skillset, and how they would fit within The PayFirm’s culture. This approach has led him to hire people into roles they have never held before, based on his belief in their ability to grow into the position. For example, he hired a product manager who had never held that title before but had the right qualities and experience to succeed in the role. 

Gary’s approach contrasts with the more traditional, keyword-focused recruitment processes often used in FinTech. He shares his frustration with automated recruitment software that filters out candidates based on CV keywords, excluding potentially great talent simply because their CV doesn’t include specific phrases. He actively challenges this system by reviewing CVs that have been automatically filtered out, ensuring that good candidates are not overlooked due to software limitations. 

This perspective on recruitment reflects Harrington Starr’s own philosophy as a FinTech recruitment business. At Harrington Starr, we understand the importance of looking beyond CVs and ensuring that companies have access to the best talent in the industry, regardless of how they present on paper. Gary’s insights align with our commitment to helping FinTech firms find candidates who have the potential to thrive in their roles and contribute to the success of the business. 

Being a FinTech Ally and Standing Up to Bullying 

The conversation shifts to the topic of allyship, a key element of creating an inclusive workplace. Gary shares his view that being an ally is about stepping in and supporting others when they need it, whether in small ways or more significant actions. He believes that everyone can start small, offering moral support to colleagues who may be struggling or speaking up when they see inappropriate behaviour. 

Gary recounts his personal experiences of stepping in when witnessing bullying or other unfair treatment, whether in the workplace or in public settings like on the London Underground. He acknowledges that some people may find it difficult to intervene in these situations, but he encourages them to start with smaller actions and build their confidence over time. 

In line with his zero-tolerance approach to bullying, Gary shares that he would not tolerate such behaviour at The PayFirm. He believes that no one should dread going to work, and it is the responsibility of leaders to create an environment where people feel safe, supported, and valued. He criticises the culture in some organisations, particularly start-ups, where bullying behaviour is excused or overlooked because of the company’s success. In his view, no success justifies treating people poorly. 

Gary also calls for more female representation in senior Financial Technology roles, particularly in non-executive director (NED) positions, to ensure that women have someone to turn to in cases of workplace bullying or discrimination. He believes that NEDs have a crucial role to play in holding company leaders accountable for their behaviour and ensuring that toxic cultures are addressed. 

Final Thoughts on Inclusion in FinTech 

As the episode concludes, Nadia asks Gary what more can be done to promote inclusion in the FinTech industry. Gary reiterates the importance of not accepting bad behaviour and speaking out against it. He encourages people to leave organisations where the culture cannot be changed, as no job is worth enduring a toxic environment. He also stresses the importance of leaders setting the tone for the company’s culture and ensuring that inclusion is part of the daily operations, not just a temporary focus. 

At Harrington Starr, as a leading FinTech recruitment business, we understand that inclusion and diversity are essential to the success of any organisation. Gary’s insights reflect the values we hold, and we are committed to helping FinTech companies build diverse, inclusive teams that drive innovation and growth. 

For more in-depth conversations on how to lead with inclusion, challenge traditional Financial Technology recruitment practises and create workplaces where everyone can thrive.