According to a study by McKinsey & Company, women remain underrepresented in C-suite positions in the financial services industry, making up about a fifth of the top executives.[i]
Simplending Financial is flipping the script on that narrative: Both of its C-Suite positions are held by women. The company’s staff is also nearly all-female, with only one male account manager.
“At our company, we are deeply committed to empowering women both within our organization and in the broader community. Our predominantly female leadership and staff embody this commitment through various initiatives and practices aimed at fostering inclusivity, gender equality, and professional growth,” said Janine Cascio, founder and CEO. “We prioritize creating a supportive and inclusive work environment where women feel valued, heard, and empowered to thrive.”
The low female-to-male ratio in the lending industry is the result of multiple factors, according to Cascio. Undoubtedly historical gender biases, cultural norms, and unconscious bias have played a major role in that imbalance, she noted. To address those barriers and promote gender diversity in the lending industry, Cascio points to several critical proactive steps. She encourages “female employees to pursue leadership roles and support their professional growth and advancement.” An example of this is the company’s other C-suite leader, Sydney Payne, who started as Cascio’s assistant and is now Chief Operating Officer, with three staff members reporting directly to her.
As part of its commitment to gender equality, Simplending Financial has fostered a culture of inclusivity. From mindfulness practices like sound baths and yoga flows, encouraging a healthy work-life balance, and giving back to the Houston community through volunteer events such as food drives for the homeless. “We love that we give back to the community. To know that we can make a positive impact together is why I am doing what I am doing and is why I created Simplending Financial,” Cascio said.
Simplending Financial is also taking steps to empower women outside the company, through memberships in organizations like Women in Private Lending and Texas Women Mortgage Bankers. The company’s philanthropic reach extends to a global level through donations to Girls’ Education in India.
As a female CEO, Cascio is, despite progress in some areas, still an exception in the business world. According to a report by Catalyst, there were just 41 women in CEO positions – or 8.2% of the total – at companies on the S&P 500 list last year.
Cascio became a CEO after several years working at other private banks. After helping a former employer launch his own private bank venture, she found the confidence “to forge my own path and do this on my own.” In the process, she “fought a lot of self-limiting beliefs,” which led to a realization: if she was facing self-doubt and questioning her abilities, other prospective women leaders might be going through the same thing. By overcoming these challenges, Cascio would not only be on the path to successfully launching her business – she could be an example for others.
“This really took the turn for me to then inspire others to achieve their goals. The best way to inspire others is to lead by example and I plan to do just that,” Cascio said.
Since its launch in August 2022, Simplending Financial has more than doubled its initial loan volume, reaching up to $5 million a month – and continues to see growth. If it stays on track it will hit the next benchmark of $10 million a month, making the annual deal volume at $100 million, according to figures provided by Cascio.
Within the lending products market, Cascio has positioned her company as a catalyst for financial empowerment and growth, which operates at the intersection of borrower needs and financial solutions. “By understanding the nuances of both sides of the lending equation, I strive to facilitate mutually beneficial arrangements that foster financial stability and prosperity for all parties involved,” she said.
Simplending Financial’s name says it all about its approach to consumers. The idea is to keep the complicated process of obtaining a loan simple. “We understand that navigating the world of loans can be daunting, which is why we’ve streamlined every step to make it as straightforward as possible for our clients,” Cascio said. That focus is reaffirmed in the names of their loan programs and products: SimpleFlip, SimpleBridge, SimpleBuild, and SimpleRent.
Making things simpler entails three additional things: clear communications about the terms, conditions, and requirements; a simple application process through technology that allows applicants to apply from their own home or office, minus in-person visits, and lengthy paperwork; and an underwriting process structured to expedite loan approvals, with the help of data analytics and automation.
A female CEO must have a clear mission, values, and goals to inspire her staff to align their work toward achieving them. “Both communicating that vision and leading by example helps to get employees on board,” she said.
“Drawing from a support network is essential. Surround yourself with a supportive network of mentors, advisors, and peers who can offer encouragement, advice, and perspective during challenging times.” Casico credits her mentor – Mike Tedesco – with helping her to develop the right mindset as a female CEO in the lending industry.
“Be resilient in the face of adversity, persevere through setbacks, and maintain unwavering determination to achieve your goals,” she concluded.
