Women Changing Finance

What if financiers started thinking like finance ministers? In this episode of Women Changing Finance, Megumi Muto, Senior Managing Executive Officer and Deputy Group Chief Sustainability Officer at Mizuho Financial Group describes what it means to integrate impact into one of Japan’s largest financial institutions. Megumi brings a rare dual perspective: decades in development finance, including at JICA, and now as a sustainability executive inside a large bank, financing industrial transformation. From hydrogen and carbon credits to adaptation finance and blended finance, Megumi explains how Mizuho is working to transform industries like energy, steel, chemicals, and automotive, and make them more sustainable. She shares how Mizuho is embedding impact across $14 billion in assets, and we explore: What  “transition finance” looks like in practice Why impact-related decisions must take future impacts into account Why public and private actors must collaborate from the very beginning How Japan leads regional efforts on adaptation and transition finance across Asia.This episode is about bridging worlds: public and private, short-term and long-term, profit and purpose.Please review the episode, share your feedback, and subscribe to the podcast!You can also Visit our website: womenchangingfinance.org Read Megumi's full bioTo go further, here are some of the references mentioned during the episode: Mizuho Financial Group — https://www.mizuhogroup.com Japan International Cooperation Agency (JICA) — https://www.jica.go.jp Impact Driven Finance Initiative (IDFI) — https://idfi.jp Development Bank of Japan (DBJ) — https://www.dbj.jp Asia Capital Markets Forum (ACMF) — https://www.theacmf.org ASEAN Taxonomy for Sustainable Finance — https://www.theacmf.org/sustainable-finance/publications/asean-taxonomy-for-sustainable-finance-version-4 Asia Transition Finance Study Group — http://atfsg.org/ Sendai Framework for Disaster Risk Reduction — https://www.undrr.org/implementing-sendai-framework/what-sendai-framework GSG Impact Japan - https://impactinvestment.jp

What if it was possible to build a regenerative economy? In this episode, Laura Ortiz Montemayor, a pioneer of regenerative finance in Latin America and founder of SVX Mexico, unpacks assumptions behind today’s impact investing models and why they often fall short. Laura shares her perspective on one of the biggest challenges in the Latin American region: the belief that job creation alone equals impact, and protecting nature is treated as “nice to have”. She explores how impact investing has evolved from socially focused initiatives to a more integrated understanding that we cannot separate people from the ecosystems they depend on. Laura also introduces the concept of regeneration as a fundamental quality of life and how this enabled her to create a fund that supports regenerative agriculture and nature-based solutions. Through powerful examples, she explains how finance can support biodiversity, community resilience, and long-term value creation. This is an invitation to think differently and to co-create financial systems rooted in local wisdom, interdependence, and care.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Laura on LinkedInTo go further, here are some of the references mentioned during the episode: SVX Mexico – https://www.svx.mx/ Regenera ventures Fund – https://regeneraventures.com/ ANDE (Aspen Network of Development Entrepreneurs) – https://www.andeglobal.org/  Oxford Impact Investing Programme –https://www.sbs.ox.ac.uk/programmes/executive-education/person-programmes/oxford-impact-investing-programme SVX Canada – https://www.svx.ca/ John Fullerton / Capital Institute (Regenerative Economy) – https://capitalinstitute.org/ Beneficial Returns (Reciprocity Fund) – https://www.beneficialreturns.com/ Vandana Shiva – https://navdanya.org/ Robin Wall Kimmerer, Braiding Sweetgrass – https://www.robinwallkimmerer.com/ bell hooks – All About Love – https://dn790000.ca.archive.org/0/items/all-about-love-new-visions-bell/All-About-Love-New-Visions-Bell.pdfWomen Changing Finance is part of the Impact Alpha Podcast Network.

How do you make sense of a rapidly evolving impact investing landscape? In this episode, Zuleyma Bebell, Co-Founder and COO of ImpactAlpha, explores how stories, data, and community are shaping the future of finance. Over the past 10 years, ImpactAlpha has grown from a start-up into the leading voice in the field, tracking trends, connecting people, and making impact investing more approachable. We discuss what has changed in the industry, what signals matter today, and how investors are navigating uncertainty. We also talk about learning and what it takes to build and grow a business in a space that can often feel intimidating from the outside. But progress doesn’t happen in isolation. Zuleyma shares why building trust, staying curious, and simply talking to people may be the most important things we can do. This episode is an invitation: step out of your bubble, reach out, and be part of the conversation.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Zuleyma on LinkedInWomen Changing Finance is part of the Impact Alpha Podcast Network.

In this episode, Angela Achitei, a true pioneer of the social economy in Romania, shares how she built one of the most inspiring ecosystems of social enterprises in Eastern Europe. She started simple: hiring 25 people with disabilities when no one else would. Over the past 15 years, she expanded from one business into a group of businesses across sectors, from recruitment to travel services, all designed to create opportunities for people from vulnerable backgrounds. But like many social entrepreneurs, Angela faced a major barrier: access to finance. She shares how this challenge led her to co-create a community-owned financial institution, built with other entrepreneurs, to fund what traditional markets wouldn’t. This is a conversation with someone who doesn’t take no for an answer and who has demonstrated that social impact and business success can reinforce each other. Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Angela's full bio Follow Angela on LinkedInTo go further, here are some of the references mentioned during the episode: ADV Romania (Alături de Voi Romania Foundation) — https://www.advromania.ro UtilDeco — https://www.utildeco.ro WISE Travel — https://wise.travel/en/ Job Direct — https://www.jobdirect.ro AFIN (IFN) — https://afin.org.ro Social Finance Association (Asociatia pentru Finantare Sociala) — https://finantaresociala.ro TISE (Poland) — https://tise.pl Social Economy Europe — https://www.socialeconomy.eu.org ENSIE (European Network of Social Integration Enterprises) — https://www.ensie.org FEBEA (European Federation of Ethical and Alternative Banks) — https://www.febea.org Microfinance Europe (Microfinance Centre) — https://www.mfc.org.plWomen Changing Finance is part of the Impact Alpha Podcast Network.

What if financing could adapt to the realities of a business, instead of forcing businesses to adapt to rigid financial models? In this episode, Esther Ndeti, Managing Partner at Unconventional Capital, explains how she is pioneering new ways of financing SMEs, especially in the agricultural values chains across Africa. Esther shares why traditional funding models often fail entrepreneurs. Many businesses are too early for venture capital and lack the collateral required for bank loans. Her answer? Revenue-based financing. Instead of fixed repayments, businesses repay investors through a percentage of their revenues. When the business grows, repayments grow. When revenues fluctuate, payments adjust. We also talk about the broader ecosystem: • why SMEs are critical for Africa’s future workforce, the growing role of local investors and angel networks, and how technology can reduce bias in investment decisions. What emerges from this conversation is a powerful idea: finance should meet entrepreneurs where they are, not the other way around.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Esther on LinkedInTo go further, here are some of the references mentioned during the episode: Unconventional Capital — https://unconventional.capital/ Impact Investing Kenya — https://impactke.org/ GSG Impact — https://gsgimpact.org East Africa Private Equity & Venture Capital Association (EAVCA) — https://eavca.org Victoria Business Angel Network (VBAN) — https://www.vban.africa/ Nairobi Business Angel Network (NaiBAN) — https://naiban.com FSD Africa — https://fsdafrica.org Level (investment management platform) — https://levelapp.io Theft by Abdulrazak Gurnah, https://www.penguinrandomhouse.com/books/763656/theft-winner-of-the-nobel-prize-in-literature-by-abdulrazak-gurnah/Women Changing Finance is part of the Impact Alpha Podcast Network.

In this episode of Women Changing Finance, Susana Garcia-Robles, Managing Partner at Capria Ventures, speaks about what it really takes to build financial ecosystems in emerging markets. usana began investing in venture capital in Latin America in the late 1990s, long before “impact” was trendy. She shares the hard lessons why early “green funds” failed, and why sustainable impact must include strong financial returns. Susana reflects on backing 90 venture funds, supporting unicorn founders, and creating WeExchange and WeInvest to amplify women entrepreneurs and investors across Latin America. We talk about: how development banks helped shape Latin America’s startup landscape, why local investors must believe in their own ecosystems, and how AI is transforming health, agriculture, and fintech in emerging markets. This episode is about staying through the ups and downs. Because good investors, and good changemakers, don’t trade trends. They build for the long term.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Susana's full bio Follow Susana on LinkedInTo go further, here are some of the references mentioned during the episode: Capria Ventures — https://capria.vc Inter-American Development Bank (IDB) — https://www.iadb.org IDB Lab — https://bidlab.org LAVCA (Association for Private Capital Investment in Latin America) — https://lavca.org Apprende Institute — https://aprendeinstitute.com Pomona Impact — https://pomonaimpact.com Salkantay Ventures — https://salkantay.vc NXTP Ventures — https://nxtp.vc WeExchange — https://wexchange.co/en/ Emprendedora LAC — https://emprendedoralac.org WeInvest weinvestlatam.org/ Elevar Equity https://elevarequity.com/ 5 C Network https://www.5cnetwork.com/ Agrofy — https://agrofy.com Cariaco - https://caricaco.com/ Global Ventures - https://www.global.vc/ Coming of Age by Noor Sweid - https://www.comingofage.me/ The Power Law by Sebastian Mallaby — https://www.penguin.co.uk/books/309693/the-power-law-by-mallaby-sebastian/9780141988948 The Four Cardinal Virtues by Josef Pieper https://undpress.nd.edu/9780268089894/the-four-cardinal-virtues/Women Changing Finance is part of the Impact Alpha Podcast Network.

What if the capital we need most is the kind that stays where others won’t? In this episode, Urmi Sengupta from the MacArthur Foundation explains catalytic capital, patient, flexible, and risk-tolerant funding designed to go where traditional investors won’t. We explore how this capital can seed innovation, sustain essential services like affordable housing, and scale solutions in climate and small business finance that otherwise wouldn’t happen. Urmi shares how the Catalytic Capital Consortium is mobilizing hundreds of millions of dollars while bringing funders together in partnership. Urmi shares why collaboration is more costly, yet more powerful. Why community voices must shape investment decisions. And why foundations must move from isolated funding to collective system change. This conversation is a powerful reminder that finance is not neutral. It can exclude or it can include. And perhaps most importantly: change doesn’t require perfect solutions. It requires action.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Urmi on LinkedInTo go further, here are some of the references mentioned during the episode: MacArthur Foundation — https://www.macfound.org Catalytic Capital Consortium (C3)— https://catalyticcapitalconsortium.org/research-learning/ Rockefeller Foundation — https://www.rockefellerfoundation.org Omidyar Network — https://omidyar.com GroundBreak Coalition — https://groundbreakcoalition.org/ Invest Appalachia — https://investappalachia.org Chicago Trend - https://www.chicagotrend.com/  Mission Investors Exchange — https://missioninvestors.org GSG Impact — https://gsgimpact.org CapitalPlus Exchange —https://capplus.org Tideline - https://tideline.com/ Half of a Yellow Sun, Americanah and Dream Count by Chimamanda Ngozi Adichie — https://www.chimamanda.com/book/Women Changing Finance is part of the Impact Alpha Podcast Network.

Mental health is a core driver of how we change the world. What if it was also a smart financial strategy? In this episode, Sabine Flechet, co-founder of Masawa, one of the first funds in Europe dedicated to mental health innovations, shares how she is channeling capital into startups that address emotional well-being, mental illness, and tech-driven solutions, from gamified ADHD awareness to dementia prevention platforms. From cyberbullying prevention to gut-brain innovation. Sabine also shares how 65% of startup failures stem from human capital challenges, like burnout, co-founder conflict, or lack of emotional resilience, and how investors can reduce risk by supporting founders as people, not just performers. But Masawa is more than a fund, it’s a systems-level shift. Sabine talks about how traditional VC models fail founders, and how their approach at Masawa, called “nurture capital”, is designed to protect founders as people and their performance, rewriting power dynamics between founders and investors. It’s a wake-up call for anyone still thinking of mental health as a “soft” issue. Because this conversation proves: it’s systemic, and it’s investable.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Sabine on LinkedInTo go further, here are some of the references mentioned during the episode: Masawa  — https://masawa.fund/ BMW Foundation Herbert Quandt — https://www.bmw-foundation.org La French Tech — https://lafrenchtech.com Purpose Foundation — https://purpose-economy.org Ecosia — https://www.ecosia.org Bill & Melinda Gates Foundation — https://www.gatesfoundation.org World Health Organization (WHO) — https://www.who.int Outlive by Peter Attia — https://peterattiamd.com/outlive/Women Changing Finance is part of the Impact Alpha Podcast Network.

What does it mean to build a gender-smart investment fund in East Africa, and what makes it work? In this episode, Carolyne Kirabo, an investor based out of Uganda and the founder of M-Kyala Ventures, is transforming how capital flows to women-led businesses across East Africa. From funding a plastic recycling business to supporting a million-dollar eco-footwear brand, Carolyne shares what’s working and what’s not in inclusive finance. We dive into why many women don’t get funded, and why funders need to change how they show up. Carolyne talks about the gap between women’s repayment behavior (much better than some may think) and their access to capital, and how she’s bridging the gaps. If you’ve ever wondered how to move beyond good intentions to real outcomes in gender lens investing, this conversation is for you. And it’s a call for all of us to always start with listening deeply to women’s needs and experiences.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Carolyne's full bio Follow Carolyne on LinkedInTo go further, here are some of the references mentioned during the episode: Gender Action Collective https://mkyalaventures.com/service/convening-for-collective-impact/ M-Kyala 5 Year Impact Report https://mkyalaventures.com/2025/10/16/m-kyala-impact-report-celebrating-five-years-of-walking-with-women-entrepreneurs/ Gender Smart Lending Toolkit https://www.gslafrica.org/our-drivers Shona Group – https://shonacapital.co/ FindingXY – https://findingxy.com/ Helton Traders – https://heltontraders.com/ Uzuri K&Y – https://www.uzuriky.com/ Aspen Network of Development Entrepreneurs (ANDE) – https://www.andeglobal.org The Testaments by Margaret AtwoodWomen Changing Finance is part of the Impact Alpha Podcast Network.

Can companies save the world? In this episode, Alison Taylor, author of Higher Ground and Clinical Associate Professor at NYU Stern School of Business, shares thought-provoking views. She brings two decades of experience consulting with multinational companies on sustainability, culture, stakeholder engagement, and political risk. Together, we explore how corporate responsibility has evolved, why reputational risk is not the same as trust, and what needs to change in how we hold businesses accountable. Alison challenges the myth that companies can solve every global issue. Instead, she urges us to go back to basics and ensure that "do no harm" principles actually translate into reality. Clean up your own house. Be honest and transparent about trade-offs. We also talk about the global disconnect between ESG promises and everyday realities, especially in emerging markets, and the importance of centering voices from those markets in decision-making. This is a conversation for anyone who has ever felt disillusioned by corporate sustainability and still wants to believe change is possible.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Alison's full bio Follow Alison on LinkedInTo go further, here are some of the references mentioned during the episode: Higher Ground (book by Alison Taylor): https://www.alisontaylor.co/higher-ground NYU Stern School of Business: https://www.stern.nyu.edu Ethical Systems: https://www.ethicalsystems.org Transparency International: https://www.transparency.org CDP (Carbon Disclosure Project): https://www.cdp.net Edelman Trust Barometer: https://www.edelman.com/trust-barometer Columbia Center on Sustainable Investment: https://ccsi.columbia.edu Cambridge Institute for Sustainability Leadership (CISL): https://www.cisl.cam.ac.uk We Have Never Been Woke: The Cultural Contradictions of a New Elite, by  Musa al-Gharbi: https://press.princeton.edu/books/hardcover/9780691232607/we-have-never-been-woke?srsltid=AfmBOopG6upUXUne1RaD75_oh9ESQ1rasEqDWDR_0xLQswWTzFF9GkAF 

In this episode, Connie Connolly, impact lawyer, co-founder of Keidos Impacto Legal, and former president of the Global Alliance of Impact Lawyers (GAIL), shares how lawyers are key actors for change across Latin America and beyond. From pioneering social impact bonds in Buenos Aires to helping NGOs and SMEs tap into capital markets, Connie brings concrete examples of what’s possible even in challenging political and economic environments. She unpacks the role of legal innovation in shaping purpose-driven enterprises, and why strong, values-based governance is core to driving change. More than a lawyer, Connie is a movement-builder. Her passion shines through as she talks about teaching the next generation of impact lawyers and the systemic legal reforms needed to enable inclusive, sustainable economies. This episode shows how law is an essential part of driving finance as a force for good and how lawyers, when guided by impact, can help unlock transformational change.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Connie's full bio Follow Connie on LinkedInTo go further, here are some of the references mentioned during the episode: Keidos Impacto Legal: https://www.somoskeidos.com Global Alliance of Impact Lawyers (GAIL): https://gailnet.org Sumatoria: https://www.fondo.sumatoria.org Pro Mujer: https://promujer.org UN Global Compact: https://www.unglobalcompact.org IDB (Inter-American Development Bank): https://www.iadb.org IFC (International Finance Corporation): https://www.ifc.org World Bank: https://www.worldbank.org Sistema B: https://www.sistemab.org/en Grunin Center for Law and Social Entrepreneurship: https://www.law.nyu.edu/centers/grunin-social-entrepreneurship Essentialism: The Disciplined Pursuit of Less, by Greg McKeown https://gregmckeown.com/books/essentialism/

In this episode, Lisa Hehenberger, Director of ESADE Business School’s Center for Social Impact, and a leading voice in Europe’s impact ecosystem, shares her reflections about trends and tensions shaping the sector today. We explore how impact investing is evolving across Europe: from measurement and governance, to the shifting expectations of funders, investors, and social entrepreneurs. Lisa brings deep experience thanks to her journey bridging the worlds of academia and practice, and offers practical guidance on impact measurement: how to start small, why having a theory of change still matters, and how investors can avoid overburdening their investees with reporting. This episode looks at why Europe’s impact ecosystem is one of the most developed today, and what still remains to be done.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Lisa's full bio Follow Lisa on LinkedInTo go further, here are some of the references mentioned during the episode: European Investment Fund (EIF) — https://www.eif.org/ ESADE Business School — https://www.esade.edu/  ESADE Center for Social Impact — https://www.esade.edu/faculty-research/en/esade-center-social-impact Impact Europe (formerly EVPA) — https://www.impacteurope.net/ Rubio Impact Ventures — https://www.rubio.vc/ Ship2B Foundation — https://www.ship2b.org/ Qida — https://www.qida.es/ Suma Capital — https://sumacapital.com/en/ Impact Shakers — https://www.impactshakers.com/ Who's Afraid of Gender? by Judith Butler - https://www.penguin.co.uk/books/452776/whos-afraid-of-gender-by-butler-judith/9781802061062

In this episode, we learn from indigenous wisdom what it really means to build a financial system that honours people and planet. Fonteyn Moses-Te Kani, Poutiaki Director of Maori Strategy and Indigenous Inclusion at Westpac New Zealand, brings a systems-thinking lens to the world of finance, drawing from her lived experience as an Indigenous woman and a change leader working across banking, government, and community in New Zealand.We talk about carbon trading that protects native forests, the power of Indigenous-led investing, and why decision-making must start with trust and humility. Fonteyn’s perspective on sustainable finance is grounded in indigenous practices, while bringing to life concrete financial innovations that support collective stewardship for our planet and people. She reminds us that finance is not just about transactions, but about relationships, and that community-led solutions are often the most enduring.This is an incredibly inspiring conversation about how we reimagine financial tools as pathways for collective healing and future-building, showing us that it can be done.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Fonteyn on LinkedInTo go further, here are some of the references mentioned during the episode: Carol Sanford https://carolsanford.com/ 

In this episode, Jessica Espinoza, CEO of 2X Global, shares how gender lens investing is transforming the financial system, from grassroots women entrepreneurs to global capital markets. Jessica shares the story behind the 2X Challenge, which has already mobilised $34+ billion in gender-smart investments, supporting women around the world. She explains how 2X Global is setting global standards and launching a certification, while also creating new tools like warehouse capital to back women fund managers, helping them demonstrate their investment strategy and track record. You’ll hear practical examples of how gender and climate action intersect, why investing in women leads to better outcomes for everyone, and how financial tools can be reimagined to unlock systemic change. This is a conversation about how women around the world are using finance to shift power, opportunity, and possibility.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Jessica on LinkedInTo go further, here are some of the references mentioned during the episode: GenderSmart — https://www.gendersmartinvesting.org/ The Rallying Cry — https://therallyingcry.org/ Ashoka — https://www.ashoka.org/ ImpactAlpha — https://impactalpha.com/ Criterion Institute — https://www.criterioninstitute.org/ GSG Impact - https://www.gsgimpact.org/ AVPN -  https://avpn.asia/  Latimpacto — https://latimpacto.org

In this episode, Reema Nanavaty, Director of the Self-Employed Women’s Association of India (SEWA), shares the incredible power of joining forces to improve lives. Under Reema’s leadership, SEWA has grown into the largest union of informal women workers in India, now uniting more than 3.2 million members. Together, they are transforming finance into a tool for dignity and self-reliance. In our conversation, Reema shares how women workers, once excluded from banks and the financial system, built their own cooperative bank, designed financial products for their daily realities, and pioneered innovations like doorstep banking, micro-pensions, and even climate insurance for extreme heat. She describes SEWA as a banyan tree: its trunk the union, its branches the women-owned enterprises, and its leaves the millions of women who stand strong together against poverty. We explore what the world can learn from SEWA’s model: that the poor are creditworthy, that women’s collective power can build resilient communities, and that finance must nurture people, not just profits. Reema’s vision is bold, hopeful, and deeply practical. This is an episode for anyone seeking to understand how finance can truly serve humanity.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Reema's full bioTo go further, here are some of the references mentioned during the episode: "We are poor but we are so many", Ela R. Bhatt  "Anubandh - Building Hundred-Mile Communities", Ela R. Bhatt "Women Work and Peace", Ela R. BhattAll on https://www.sewa.org/publications/books/ 

In this episode, Fran Seegull, President of the U.S. Impact Investing Alliance and Executive Director of the Tipping Point Fund, shares her analysis and optimism about the future of finance. In this rich conversation, Fran traces the evolution of the impact investing movement in the U.S., from its historical roots to today’s multi-trillion-dollar global ecosystem. She shares her analysis about its politicization and market uncertainty. Fran explains why impact investing is no longer niche, how policy is a powerful lever for collective action even in times of backlash, and how protecting the “freedom to invest” is key for these troubled times. She also introduces system-level investing, a new, exciting lens for investors to steward entire sectors like climate or housing towards fundamental transformations. Fran also reflects on what it means to lead with courage and care in a divided world, and why peer mentorship, self-acceptance, and staying present are as important as policy and advocacy. This episode is a must-listen for anyone navigating the crossroads between finance, policy, and purpose.Please review the episode, share your feedback, and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Fran's full bio Follow Fran on LinkedInTo go further, here are some of the references mentioned during the episode: The U.S. Impact Investing Alliance https://impinvalliance.org/ Coalition on Inclusive Economic Growth https://impinvalliance.org/inclusive-economic-growth The Global Impact Investing Network (GIIN) https://thegiin.org/ IFRS ISSB https://www.ifrs.org/groups/international-sustainability-standards-board/ Rockefeller Brothers Fund (divestment) https://www.rbf.org/news/10th-anniversary-rbfs-divestment-fossil-fuels TWIST https://www.wearetwist.org/ Transcap https://www.transformation.capital/ Lafayette Square Institute https://www.lafayettesquareinstitute.org/ Ownership Works https://ownershipworks.org/ The American Ownership and Resilience Act (AORA) https://impinvalliance.org/news-updates/2025/5/20/us-impact-investing-alliance-endorses-bipartisan-legislation-to-advance-employee-ownership Moving Beyond Modern Portfolio Theory, Investing That Matters, By Jon Lukomnik, James P. Hawley  Jennifer Pryce, President and CEO, Calvert Impact, Market Shaping Strategy for the Future: https://www.linkedin.com/posts/jennifer-pryce-71456936_calvert-impacts-market-shaping-strategy-activity-7328797388398075908-Twrm/ Financing the Ramp, Not the Road, by Antony Bugg-Levine https://www.linkedin.com/pulse/financing-ramp-road-antony-bugg-levine-wcg8e/

In this episode, Krisztina speaks with Andrea Webster, Head of Financial System Transformation at the World Benchmarking Alliance (WBA). With 25 years of experience in finance, Andrea brings a rare insider’s perspective to reshaping the rules of the game. At WBA, Andrea leads the effort to assess and rank 400 of the world’s most influential financial institutions — including banks, pension funds, asset managers, insurers and development banks — based on how they perform across sustainability issues like climate, nature, human rights, governance, and ethics. The goal? To build transparency, alignment, and accountability across the system, and to push financial institutions to improve through peer pressure. Andrea explains why African financial institutions score highest on social impact, how regulation drives progress on human rights, and what bold leadership looks like in finance today. She also reflects on her own unconventional journey, from leaving school at 16 to becoming a global change agent. It’s an honest, grounded, and hopeful conversation about how finance can evolve, thanks to the power of data, partnerships, and purpose to drive that change.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Andrea's full bio Follow Andrea on LinkedInTo go further here are some of the references mentioned during the episode: WBA Financial System Benchmark https://www.worldbenchmarkingalliance.org/publication/financial-system/ Tove Jansson, The Summer Book https://tovejansson.com/book/summer-book/

In this episode of Women Changing Finance, Yijing Wang, founding partner of 2060 Advisory, a pioneering impact investing firm based in Shanghai, explains how China’s social and environmental entrepreneurs are building new solutions. We explore what’s happening on the ground in China: artisan cooperatives that support vulnerable women, inclusive tech startups, and climate ventures creating low-carbon concrete and plastic alternatives. These are powerful innovations, yet many global investors overlook China’s potential in solving urgent global challenges. Yijing shares what it means to work in this gap: building trust between local changemakers and capital providers, navigating a fragmented funding landscape, and pushing for stronger collaboration despite geopolitical headwinds. She also explains how 2060 Advisory is helping translate between sectors and align finance with sustainability goals that matter at the local level. This conversation is a rare window into China’s impact space, and a reminder that systems change is happening in many languages, and led by women everywhere.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Yijing on LinkedInTo go further here are some of the references mentioned during the episode: 2060 Advisory https://www.2060advisory.com/ China Alliance of Social Value Investment (CASVI) https://www.casvi.org/en/ British Council, Social Enterprise Programme in China https://www.britishcouncil.cn/en/uk-china-social-enterprise-social-investment-partners Impact Management Platform (IMP) https://impactmanagementplatform.org/ IRIS+ by the GIIN https://iris.thegiin.org/ UNDP China https://www.undp.org/china/sdg-finance Yijing Wang was awarded the 2023 British Council Business and Innovation Award https://www.jbs.cam.ac.uk/2023/how-award-winning-cambridge-graduate-is-changing-impact-investment-in-china/

In this episode of Women Changing Finance, Delilah Rothenberg, explains how investment structures can reduce inequality and build long-term resilience. Delilah shares why traditional finance tools often ignore the real risks — from income inequality to environmental collapse — and how a new mindset called systemic stewardship is helping investors think beyond short-term returns. We explore what fiduciary duty actually means when investors’ decisions affect entire sectors, and how new structures like employee and community ownership can transform who benefits from capital. From pushing for stronger governance in pension funds to helping investors measure their impact on inequality, Delilah is working hard to make finance more fair, inclusive, and sustainable. If you ever wondered if finance can really be transformed to serve everyone, tune in and get your answers from one of the experts leading the change.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Delilah's full bio Follow Delilah on LinkedInTo go further here are some of the references mentioned during the episode: Predistribution Initiative https://www.predistributioninitiative.org/ The Limits to Growth  Nell Minow, Robert Monks, James Hawley, Jon Lukomnik cited as experts on the topic of universal ownership The Investment Integration Project TIIP https://tiiproject.com/ Principles for Responsible Investment (PRI) https://www.unpri.org/ The Generation Foundation – Legal Framework for Impact https://www.genfound.org/our-thinking-foundation/collaborative-publications/a-legal-framework-for-impact/ “ESG Is Dead - Long Live ESG: Guidance for US Pension Fiduciaries”, article written by Keith Johnson, Rick Funston, and Tiffany Reeves   Global Reporting Initiative (GRI) https://www.globalreporting.org/ The Economic Policy Institute (EPI) https://www.epi.org/ Open Society Foundations https://www.opensocietyfoundations.org/ Taskforce on Inequality and Social-related Financial Disclosures (TISFD) https://www.tisfd.org/ PGGM https://www.pggm.nl/en/ University Pension Plan (UPP) https://myupp.ca/ Moving Beyond Modern Portfolio Theory: Investing That Matters, by Jon Lukomnik, James P. Hawley 21st Century Investing, by William Burckart and Steve Lydenberg  Wealth Supremacy, by Marjorie Kelly The Myth of Capitalism: Monopolies and the Death of Competition by Jonathan Tepper with Denise Hearn Earth for All – A Survival Guide for Humanity 

In this episode of Women Changing Finance, Ana Laura Fernández, Vice President of Impact Investing at Fondo de Fondos, where she leads a $70 million Latin America Impact Fund, talks about building Mexico’s impact investing ecosystem.The conversation dives into how her fund supports both emerging venture capital managers and direct co-investments across Latin America, targeting sectors like youth employment, sustainable agriculture, and climate innovation. Ana Laura shares how her team helps early-stage funds grow, why results-based contracts are gaining traction in Mexico, and how her role as Chair of the GSG’s National Partner in Mexico is helping elevate the country’s profile on the global stage.This episode is rich with real-world examples — from supporting rural artisans through ethical fashion to scaling diabetes clinics that transform lives. Ana Laura also opens up about being one of the few women in investment leadership in Mexico, and how that perspective helped her champion deals others might have missed. It’s a conversation about courage, trust, and reimagining what finance can do — one investment at a time.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Ana Laura's full bio Follow Ana Laura on LinkedInTo go further here are some of the references mentioned during the episode: AMEXCAP https://amexcap.com/  Alianza por la inversión de impacto México https://aiimx.com.mx/ Banco Nacional de México | Citibanamex https://www.banamex.com/ Sonen Capital https://sonencapital.com/ The Yield Lab Latam https://theyieldlablatam.com/ World Agri-Tech Innovation Summit https://worldagritechinnovation.com/ Someone Somewhere https://someonesomewhere.com/ Nacional Financiera https://www.nafin.com/ National Institute of the Entrepreneur (INADEM) Fondo de Fondos Mexico https://www.fondodefondos.com.mx/ Grupo Bimbo https://www.grupobimbo.com/ SOCAP https://socapglobal.com/ FLII https://flii.org/ GSG Impact GLM 2024 Kauffman Fellows https://www.kauffmanfellows.org/  Clinicas del Azucar https://clinicasdelazucar.com/ Book: The Women of Lemuria by Monika Muranyi https://editions-ariane.com/en/book/women-of-lemuria-the

In this episode, Krisztina Tora sits down with Aunnie Patton Power, an investor, academic, and global thought leader, to explore how we can radically rethink the very foundations of investment. Aunnie shares why simply tweaking traditional models like venture capital and private equity isn’t enough, and how new, regenerative structures are urgently needed to better serve people and planet. Drawing from her book Adventure Finance, she brings practical insights into how investment models can shift from extractive to inclusive, and what courageous leadership looks like in building a financial system fit for the future. If you're passionate about systemic change in finance and curious about the real innovations shaping the next generation of impact investing, this conversation is a must-listen.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Read Aunnie's full bio Follow Aunnie on LinkedInTo go further here are some of the references mentioned during the episode: RLabs https://rlabs.org/ Creating a World Without Poverty - Muhammad Yunus https://www.muhammadyunus.org/post/252/creating-a-world-without-poverty Unitus Capital https://unituscapital.com/ Adventure Finance – Aunnie Patton Power https://www.adventure.finance/ Capital Explorer tool with Village Capital https://vilcap.com/our-tools Doughnut Economics by Kate Raworth https://www.kateraworth.com/ Doughnut Economics Action Lab https://doughnuteconomics.org/ Freckled: A Memoir of Growing Up Wild in Hawaii by Toby Wilson Neal  Educated by Tara Westover  Lessons in Chemistry by Bonnie Garmus  Africa Impact Summit 2025

What does it take to mobilize institutional capital for real impact, creating bridges between developed and emerging markets? In this episode, Krisztina Tora sits down with Yvonne Bakkum an impact leader focused on boosting the positive impact of capital. Amongst other roles, she was the founding Managing Director of FMO Investment Management where she mobilized private capital at scale for the SDGs. In the conversation, Yvonne shares how she helped shape the Dutch impact ecosystem, from pioneering work with pension funds to making development finance more accessible, impactful and accountable. We explore why financial institutions matter in emerging markets, how risk and reward can be redefined for social good, and what’s still holding us back. Yvonne also reflects on building an impact firm from the ground up, alongside deep personal reflections on resilience and leadership. If you care about making finance more human, and doing it at scale, this episode offers both insight and encouragement.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Yvonne on LinkedInTo go further here are some of the references mentioned during the episode: Netherlands Advisory Board (NAB) on Impact Investment https://www.nabimpactinvesting.nl/ Principles for Responsible Investment (PRI) https://www.unpri.org/ Achmea Investment Management https://www.achmeainvestmentmanagement.nl/english FMO https://www.fmo.nl/ FMO Investment Management https://www.fmo-im.nl/en/ Sustainable Finance Lab https://sustainablefinancelab.nl/en/ Sustainable Pension Investments Lab (SPIL) https://spilplatform.com/ ABN AMRO Bank https://www.abnamro.com/en/home Triodos Bank https://www.triodos.com/en/about-us Triple Jump https://triplejump.eu/Read Yvonne's bio: Yvonne is an independent advisor, interim manager and board member focused on boosting the positive impact of capital. Currently she is advising Achmea Investment Management on the acceleration of their impact investing proposition. She was founding MD of FMO Investment Management BV, mobilizing private capital at scale for the SDGs. Yvonne worked at FMO for 22 years in total and held various other positions including Director Private Equity, Manager Credit Analysis and Manager Business Development. Earlier she worked at ABN AMRO. She holds a master’s degree in business economics from Erasmus University Rotterdam. Since 2022 Yvonne chairs the Netherlands Advisory Board on impact investing. She is a member of the Supervisory Board of Incofin Investment Management and holds several other supervisory/advisory positions. In 2022 and 2023 she was listed in the Netherlands top 50 ‘Women in Sustainable Finance’.

Just a decade ago, impact investing was barely on Japan’s radar. Today, it’s a multi-trillion yen movement — thanks in part to the bold shift of Japan’s largest public pension fund, which signaled a new era for responsible investing. In this episode of Women Changing Finance, host Krisztina Tora speaks with Nanako Kudo, Executive Director of the Japan Social Innovation and Investment Foundation (SIIF), about Japan’s remarkable impact journey. Nanako shares how government, startups, big corporates, and even ordinary citizens are coming together to build a more inclusive, sustainable economy. We explore real-world stories — from AI-powered career services for vulnerable workers, to department stores driving the circular economy, to public equity funds that get everyday people invest in companies doing good. Nanako also reflects on her own path: from a childhood dream of working at the UN, to becoming a pioneer in Japan’s impact finance landscape. With wisdom, vision, and a deep belief in collective action, she reminds us that system change is never linear — and that joy can be found in the everyday moments of building something better.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Nanako on LinkedinTo go further here are some of the references mentioned during the episode: Japan Social Innovation and Investment Foundation (SIIF)  G8 Taskforce for Social Impact Investment (2013)  Government Pension Investment Fund (GPIF) Principles for Responsible Investment GSG Impact Japan Impact Market Size in Japan  Impact Startup Association  B Corps in Japan Marui Group  Acumen Nippon Foundation  Rockefeller Foundation  Japan Financial Services Agency Impact Consortium https://www.fsa.go.jp/en/news/2023/20231122.htmland https://impact-consortium.fsa.go.jp/en/ Better Society Capital  JANPIA (Japan Impact Wholesaler)  About Impact Wholesalers Japan in the Gender Gap Report   Global Gender Gap Report by the WEF  Theory U 

In this episode of Women Changing Finance, Krisztina Tora speaks with Amanda Feldman, Managing Director at Sonen Capital, a leading impact investment firm, where she leads Impact Engagement. With years of experience in impact investing, sustainability, and a deep commitment to impact management and measurement, Amanda shares her insights about the industry's evolving landscape. From her global vantage point spanning the US, Latin America, and Europe, Amanda discusses her role in shaping the foundations of the Impact Management Platform, and the key challenges and opportunities in mobilizing private capital for social and environmental change. She emphasizes the importance of listening to the entrepreneurs who know best what is needed to scale impact, she talks about the art of building consensus, and the need to ensure that impact risks are managed alongside financial returns. Tune in to hear Amanda’s powerful perspective on the future of impact investing and how she’s contributing to the creation of a more inclusive and accountable financial ecosystem.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Amanda on LinkedIn Read Amanda's full bio To go further here are some of the references mentioned during the episode: Sonen Capital https://sonencapital.com/ Volans https://volans.com/ Bridges Fund Management https://www.bridgesfundmanagement.com/ Impact Management Platform https://impactmanagementplatform.org/ Maze https://maze-impact.com/ FLII https://flii.org/ Poem “The Way It Is” by William Stafford https://grateful.org/resource/the-way-it-is-william-stafford/

In this episode of Women Changing Finance, host Krisztina Tora sits down with Bonnie Chiu, an award-winning social entrepreneur, and a gender equality advocate. She is also the Managing Director of The Social Investment Consultancy (TSIC), a global network of consultants specialised in impact assessment and impact investing strategies. Bonnie shares her journey from Hong Kong to the UK, starting with the foundation of the social enterprise Lensational, which empowers marginalized women through photography and storytelling. She discusses the vibrant ecosystems of social entrepreneurship she has encountered in the UK and the importance of diversity, equity, and inclusion in finance. As a co-founder of a new impact investment wholesaler focused on racial equity, Bonnie highlights the need for systemic change and collaboration across sectors. Join us to discover how Bonnie is championing voices from diverse backgrounds and paving the way for a more equitable future.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Bonnie on LinkedIn Read Bonnie’s full bio To go further here are some of the references mentioned during the episode: Lensational https://lensational.org/ B Corp https://www.bcorporation.net/en-us/ TSIC https://www.tsiconsultancy.com/ Diversity Forum for Inclusive Society https://www.diversityforum.org.uk/ Better Society Capital (prev. Big Society Capital) https://bettersocietycapital.com/ Access Foundation https://theaccessgroupfoundation.com/ Impact Wholesalers https://www.gsgimpact.org/resources/gsg-impact-publications-and-reports/impact-investment-wholesalers-and-fund-of-funds-design-insights-from-the-gsg-impact-partnership/ The National Lottery Community Fund (prev. Big Lottery Fund) https://www.tnlcommunityfund.org.uk/ Pathway Fund https://www.pathwayfund.org.uk/ Racial Equity Scorecard https://racialequityscorecard.uk/ Women in Social Finance https://womeninsocialfinance.org/ WEDU https://www.weduglobal.org/ GSG Impact https://www.gsgimpact.org/ Christina Rossetti https://www.poetryfoundation.org/poets/christina-rossetti Equality Impact Investing Project https://equalityimpactinvesting.com/

In this episode of Women Changing Finance, host Krisztina Tora interviews Hamdiya Ismaila, a leader in venture capital and private equity in Ghana. As the founder and CEO of Savannah Impact Advisory and fund manager of the Ci Gaba Fund of Funds, Hamdiya shares her journey in building the impact investing ecosystem in Ghana. She discusses the importance of intentionality in investments, highlighting successful projects that enhance agricultural supply chains and support local communities. Hamdiya emphasizes the need for collaboration among stakeholders and the crucial role of women in driving impact finance. Join us to discover how Hamdiya is paving the way for inclusive growth and mobilizing local capital to create lasting change in Ghana.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Hamdiya on LinkedIn Read Hamdiya's full bio To go further here are some of the references mentioned during the episode: Savannah Impact Advisory: https://siaghana.com/ Ci-Gaba Fund of Funds: https://impactinvestinggh.org/programs/ci-gaba-progress-fund-of-funds/ Impact Investing Ghana (IIGH): https://impactinvestinggh.org Ghana Market Mapping (by IIGH): https://impactinvestinggh.org/publications/the-state-of-impact-investing-in-ghana-unlocking-private-sector-capital-for-profit-and-impact-22/ Catalytic Capital report (by IIGH): https://impactinvestinggh.org/publications/catalytic-capital-investment-in-ghanaian-smes-strategies-hurdles-and-outcomes-report/ Research collaborative (by IIGH): https://impactinvestinggh.org/programs/the-ghana-research-industry-collaborative-gric/ ESO collaborative (by IIGH): https://impactinvestinggh.org/programs/12-ghanaian-enterprises-transform-business-quality-through-eso-collaborative-scale-programme/ Climate finance collaborative: https://impactinvestinggh.org/action-groups/climate-finance-collaborative/ National  Pension Regulatory Authority: https://npra.gov.gh Mastercard Index of Women Entrepreneurs Venture  Capital Trust Fund: https://vctf.com.gh/ Ghana Private Equity and Venture Capital Association: https://gvca-ghana.org/ Ghana Angel Investor Network: https://www.gain.com.gh/ Principles for dealing with the changing world order – Ray Dalio: https://www.principles.com/

In this episode of Women Changing Finance, host Krisztina Tora speaks with Carmen Correa, CEO of Pro Mujer, a pioneering social enterprise dedicated to advancing gender equality in Latin America. With over 30 years of experience in sustainable development, Carmen shares her insights on the impact of gender-lens investing and the challenges women face in accessing finance. She discusses the significant progress being made in Latin America, including the rise of gender bonds and innovative financial instruments designed to support women entrepreneurs. Tune in to discover how Carmen and her team are transforming lives and driving change in their communities, inspiring a new wave of investors to look towards Latin America for impactful opportunities.Please review the episode, share your feedback and subscribe to the podcast!You can also:  Visit our website: womenchangingfinance.org Follow Carmen on LinkedIn  Read Carmen's full bio To go further, here are some of the references mentioned by Carmen during the episode:  Pro Mujer https://promujer.org/portal/ Pro Mujer's First Gender Bond https://promujer.org/en/blog/pro-mujer-issues-first-gender-bond-in-argentina/ IDB Lab https://bidlab.org/en UN Women & Luxembourg Stock Exchange case study about Pro Mujer’s Gender Bond https://www.unwomen.org/sites/default/files/2024-03/case-study-series-innovative-financing-for-gender-equality-via-bonds-argentina-en.pdf Endeavor https://endeavor.org/ Fundación Avina https://www.avina.net/en/home/ Ellas Emprenden, book by Pro Mujer https://promujer.org/portal/2023/11/19/pro-mujer-publishes-first-book-she-ventures-stories-of-latin-american-women/ Impact, by Sir Ronald Cohen https://www.impactrevolution.com/ GLI Forum https://gliforumlatam.com/en/

In this episode of Women Changing Finance, host Krisztina Tora welcomes Naina S. Batra, CEO of AVPN, the largest regional social investment network that aims to increase the flow of financial, human and intellectual capital for impact. Naina discusses the evolving landscape of impact investing in Asia, highlighting the growth of ESG investments and the increasing interest of sovereign funds in the sector. She shares inspiring stories of impactful businesses that have successfully attracted capital and emphasizes the importance of networks in driving collaboration and change. Tune in to discover how Naina and AVPN are making significant strides in promoting impact investing and supporting the next generation of changemakers in Asia.Please review the episode, share your feedback and subscribe to the podcast!You can also: Visit our website: womenchangingfinance.org Follow Naina on LinkedIn  Read Naina's full bio To go further, here are some of the references mentioned by Naina during the episode: AVPN https://avpn.asia/ LeapFrog https://leapfroginvest.com/ Ankur Capital https://www.ankurcapital.com/ Kaizen Capital https://www.kaizen-capital.net/ Temasek https://temasek.com.sg/ Khazanah Nasional Berhad https://www.khazanah.com.my/ Mubadala Investment Company https://www.mubadala.com/ Cropin https://www.cropin.com/ Khushi Baby https://www.khushibaby.org/ LifeSpring Hospital https://lifespring.in/ Husk Power Systems https://huskpowersystems.com/ From Blueprint to Scale https://acumen.org/app/uploads/2024/03/Acumen-From-Blueprint-to-Scale-report.pdf Beyond the Pioneer https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Financial-Services/dttl-monitor-Beyond-the-Pioneer-2014-04.pdf Reimagining Philanthropy in the Global South https://www.cambridge.org/core/books/reimagining-philanthropy-in-the-global-south/892D6D9A346C1670F2B28B95F6198607

In this introductory episode, Krisztina Tora, the podcast host, shares her journey and why she believes transforming the financial system is key to solving today’s challenges. This podcast will take you on a global journey to meet inspiring women from all around the world who are reshaping finance to create a positive impact for people and the planet. Tune in to discover every two weeks, their stories, gain fresh insights, and explore how finance can be a powerful tool for change.Subscribe to the podcast, leave a review and share it with your friends.You can also follow Krisztina on LinkedIn or visit womenchangingfinance.org