A research study by The National Center for Women & Information Technology showed that “gender diversity has specific benefits in technology settings,” which could explain why tech companies have started to invest in initiatives that aim to boost the number of female applicants, recruit them in a more effective way, retain them for longer, and give them the opportunity to advance. But is it enough?

Four years ago, we launched a diversity series aimed at bringing the most inspirational and powerful women in the tech scene to your attention. Today, we’d like you to meet Vilve Vene, CEO and co-founder of Tuum.

Today's Woman in Tech: Vilve Vene, CEO and co-founder of Tuum

Vilve Vene is CEO and co-founder of Tuum, an Estonian FinTech offering a modern, flexible core banking platform. More than 25 years ago - long before "FinTech" became a common term - she was already developing innovative financial technology.

When did you become interested in technology? What first got you interested in tech?

I can still remember an event from my high school days very well: My timetable was pretty focused on mathematics and physics. But once a week, we also had computer science classes—it fascinated me that I could make a machine do what I wanted it to.

For my degree, I had to choose between literature, physics, or mathematics. The decision was quite difficult for me, because I have always loved reading and writing my own stories. At the same time, physics fascinated me immensely with tests and experiments that often have a lot to do with the real world. That's why I applied for physics. However, after I was the only woman in the room during the first test, I changed my mind and studied applied mathematics instead.

I still find the world of mathematics fascinating. During my studies, I learned to structure real-world problems, analyse them, and find solutions. This competence has always been very beneficial to me over the years. In mathematics, everything is so logical. You have axioms that you can rely on, so that even abstract things that you can't touch with your hand or visualise with your mind can be proven.

Let's talk about your career. How did you end up at your current professional position?

After I had my applied mathematics degree in my pocket in 1985, I worked in programming for a few years.

Then one major historical event in particular had a big impact on my further career: the collapse of the Soviet Union. In 1992, just one year after Estonia became independent, I joined Hansabank. Founded by four economists, at that time Hansabank was a start-up dedicated to modernising banking. The bank was digital from the start - business customers could do PC banking there as early as 1993. The fact that we had no capital whatsoever was ultimately decisive for our success. Because we simply could not afford to buy IT infrastructure, we simply built the system ourselves. We did it from scratch. This allowed us to be incredibly innovative and grow very quickly. Over the years, we bought many companies and always migrated them to our own platform.

In 2002, after ten years at Hansabank, I was in charge of the entire IT development department with 300 employees. At that time, Hansabank was preparing to become the largest bank in the Baltic States. Then I made what I consider to be a courageous and logical decision. The bank had changed over the years, moving away from agile development to a highly controlled environment. I no longer felt comfortable, since my role had become more that of caretaker than builder. So I left my secure, well-paid job to start my own fintech with a few of my colleagues: That's how Icefire was born. With Icefire, we built the technology of more than 15 banks and financial institutions and are responsible for the infrastructure of the Estonian tax system.

Then in 2019, it was time for something new again - cue contractors - and I helped launch Tuum, a fintech that offers core banking technology.

Anything is possible when you have a team that works well together, supports each other, and is diverse enough to take on different perspectives.

Did you receive support from your family and friends? Do you have a role model?

Of course, support from family and friends is important, but in my job, my team was and is the most important thing for me. For me, colleagues are like good friends. They support each other, think together, discuss heatedly but always respectfully, listen, bring together different ways of thinking and approaching things and arrive at the best solutions together.

The agility and great collaboration with my Hansabank team are the two things I remember most fondly there. Anything is possible when you have a team that works well together, supports each other, and is diverse enough to take on different perspectives.

Did anyone ever try to stop you from learning and advancing in your professional life?

No. So far I have never had the feeling that anyone has tried to stop me or harm my career. I have been lucky to have always been supported, whether by professors, bosses, or team members.

A day in Vilve's life

I am the co-founder and CEO of the Estonian fintech company Tuum. We provide core banking infrastructure (essentially a technological platform) for banks and for fintechs and other companies that want to bring customer-centric, seamless financial products and services to the market.

My primary job is making sure all internal gears mesh perfectly and that teams work together seamlessly. I try to anticipate and solve problems before they hold up development. I prioritise by focusing on issues where my skills add the most value. These topics vary - from product roadmap discussions to investor meetings, from budgeting, to hiring. It also means that no two days are the same. Every day I get to learn from the smart people in our company and help them make progress.

What are you most proud of in your career?

Two of the things I am most proud of happened in the past three years:

• Seeing Tuum continuously evolve thanks to our extensive experience in the industry and the expertise that our entire founding team brings to the digital transformation of banks. We know exactly how to make financial institutions and financial services as efficient as possible because we’ve been doing it for years.

• The sale of my first company Icefire to Europe's largest and the world's fourth largest unicorn Checkout.com. This development is also largely based on the enormous experience and deep knowledge that Icefire's engineering team brings to the development of innovative banking and financial technology solutions. We know exactly how to make financial institutions and financial services as efficient as possible because we have been doing it for years.

Why aren't there more women in tech? What's your take on that?

In my view, there is no simple answer to this question, nor can the problem be solved quickly. It is based on institutional and cultural problems, but also on our society’s values. After all, there is still a common belief that boys are better off in the natural sciences and girls are better off in the humanities, right? Our educational and social system also plays an important role.

For me personally, however, the much more pressing question is why there are so few women in management. This is true for the technology sector, but even more so for banking.

There is a lot to do, especially on a societal level, to promote diversity and inclusion in the workplace. Quota regulations only help to a limited extent. Instead, companies need to ensure that women and people from different backgrounds are actively promoted and empowered at all levels. That's why it amazes me that even today, I am often the only female founder or managing director at industry meetings.

The discussion on diversity is gaining momentum. How long will it take for the current debate to produce results?

If you want to change a situation, to solve a problem, the first step is to acknowledge that there is a problem at all.

The discussion about women in tech is important, but you have to acknowledge that the situation varies from country to country.

If you want to change a situation, to solve a problem, the first step is to acknowledge that there is a problem at all. There are many different levels to tackle. Often it starts with your own attitude. I still see far too often women who believe that their success has more to do with luck than with their skills and hard work. This attitude is then often passed on to their children.

However, I can already see the first changes, certainly here in Estonia, with the next generation growing up, which will have to significantly push these small steps forward.

Let me highlight an international initiative that started in Estonia. Vivita, an international accelerator network for creativity, targets children and young people interested in science, technology, and engineering. Part of this programme is an innovation studio where children can create, experiment, and discover (hardware, software tools, robotics, etc.). This initiative is explicitly aimed at children, not just boys and not just girls. I think that's the key. Children should just explore and learn. The adults are the ones who create stereotypes.

What advice (and tips) would you give to women who want a tech career? What should they know about this industry?

I have controversial feelings when it comes to giving advice to women about entering the tech industry. On the one hand, I think we should stop putting gender first. Women are just as capable of succeeding in the tech industry as men, so it really shouldn't be presented as a problem that needs to be addressed. On the other hand, it is a valid issue and until we see more women in the tech industry, it's a concern that we need to continue to highlight.

So I really just want to give one piece of advice, but it applies to everyone: believe in yourself! You never have to know everything to succeed - but never be afraid to ask questions.