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 [https://womenchangingfinance.org/]
 * Read Lisa's full bio [https://www.esade.edu/faculty/lisa.hehenberger]
 * Follow Lisa on LinkedIn [https://www.linkedin.com/in/lisa-hehenberger-162897?originalSubdomain=es]

To 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

E17 - Lisa Hehenberger, Director of the ESADE Center for Social Impact

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 [https://womenchangingfinance.org/]
 * Follow Fonteyn on LinkedIn [https://www.linkedin.com/in/fonteyn-moses-te-kani-080b2117/?originalSubdomain=nz]

To go further, here are some of the references mentioned during the episode:

 * Carol Sanford https://carolsanford.com/  [https://carolsanford.com/]



E16 - Fonteyn Moses - Te Kani, Poutiaki Director of Maori Strategy & Indigenous Inclusion at Westpac New Zealand

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 [https://womenchangingfinance.org/]
 * Follow Jessica on LinkedIn [https://www.linkedin.com/in/jessicaespinozat/?originalSubdomain=es]

To 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

E15 - Jessica Espinoza, CEO of 2X Global 

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 [https://womenchangingfinance.org/]
 * Read Reema's full bio [https://en.wikipedia.org/wiki/Reema_Nanavaty]

To 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. Bhatt
   All on https://www.sewa.org/publications/books/  [https://www.sewa.org/publications/books/]



E14 - Reema Nanavaty, Director of the Self-Employed Women’s Association of India (SEWA)

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 [https://womenchangingfinance.org/]
 * Read Fran's full bio [https://impinvalliance.org/fran-seegull]
 * Follow Fran on LinkedIn [https://www.linkedin.com/in/franseegull/]

To 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/



E13 - Fran Seegull, President of the U.S. Impact Investing Alliance

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 [https://womenchangingfinance.org/]
 * Read Andrea's full bio [https://www.worldbenchmarkingalliance.org/team/andrea-webster/]
 * Follow Andrea on LinkedIn [https://www.linkedin.com/in/andrea-webster-27193629/?originalSubdomain=uk]

To 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/

E12 - Andrea Webster, Ambassador of the World Benchmarking Alliance

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 [https://womenchangingfinance.org/]
 * Follow Yijing on LinkedIn [https://www.linkedin.com/in/yijingwang/]

To 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/

E11 - Yijing Wang, Founding Partner at 2060 Advisory

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 [https://womenchangingfinance.org/]
 * Read Delilah's full bio [https://www.predistributioninitiative.org/about-us/#team]
 * Follow Delilah on LinkedIn [https://www.linkedin.com/in/delilah-rothenberg/]

To go further here are some of the references mentioned during the episode:

 * Predistribution Initiative https://www.predistributioninitiative.org/
 * The Limits to Growth  [https://www.clubofrome.org/publication/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 [https://tiiproject.com/21st-century-investing/] 
 * Wealth Supremacy, by Marjorie Kelly [https://www.penguinrandomhouse.com/books/736352/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  [https://www.clubofrome.org/publication/earth4all-book/]

E10 - Delilah Rothenberg, Executive Director of the Predistribution Initiative (PDI)

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 [https://womenchangingfinance.org/]
 * Read Ana Laura's full bio [https://www.womenindex.win/perfil/ana-laura-frnandez]
 * Follow Ana Laura on LinkedIn [https://www.linkedin.com/in/ana-laura-fern%C3%A1ndez-40a47794/]

To 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 [https://www.gsgimpact.org/resources/gsg-impact-publications-and-reports/global-leadership-meeting-2024-proceedings/]
 * 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



E09 - Ana Laura Fernández, Vice President of Impact Investing at Fondo de Fondos

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 [https://www.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 [https://womenchangingfinance.org/]
 * Read Aunnie's full bio [https://www.sbs.ox.ac.uk/about-us/people/aunnie-patton-power]
 * Follow Aunnie on LinkedIn [https://www.linkedin.com/in/aunniepatton/?originalSubdomain=za]

To 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 [https://impactinvestinggh.org/events/africa-impact-summit-2025-to-be-held-in-accra-june-11-12-to-drive-sustainable-growth-across-africas-impact-economy/#:~:text=Events%2C%20News-,Africa%20Impact%20Summit%202025%20to%20be%20held%20in%20Accra%2C%20June,June%2011%2D12%2C%202025.]

E08 - Aunnie Patton Power, Academic, Advisor, Author & Investor

Women Changing Finance isn’t just about finance—it’s about the people transforming it to create a better world. Host Krisztina Tora, a global leader and changemaker, brings her extensive expertise to the conversation, inviting remarkable women from across the globe to share their stories of driving social and environmental impact through financial innovation.

Through real-world examples and personal journeys, this podcast reveals how finance can be a powerful tool for change—something we can all engage with and leverage for good.

Our guests are women proving that change is possible—whether by investing in underserved communities, developing innovative solutions to address climate challenges, or driving systems-level transformation. Their stories showcase the impact we can create when we align financial resources with our highest aspirations for a better world.

If you’re a changemaker, a professional seeking purpose, or simply curious about the role of finance in building a better future, join us to:

 * Get inspired by real stories of impact and innovation
 * Learn how to contribute to systemic change
 * Explore the intersection of finance, purpose, and leadership

Subscribe now and join us in reimagining finance!

Visit our website womenchangingfinance.org [https://womenchangingfinance.org/]

Krisztina Tora

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