(Bloomberg) -- Funding for female entrepreneurs in financial technology has grown in recent years, yet startups founded by women still face more difficulties raising cash than do other firms, a study shows.

Women-founded fintechs raised an average of 50% less capital over the past five years than startups founded only by men, consulting firm Deloitte said in a report Thursday. Firms with a team of men and women founders took in just 3% less in funding.

The disparity could be driven by gender bias of venture capitalists when making funding decisions, Deloitte said. The report cited a 2018 study saying that investors tended to ask male entrepreneurs about the potential for gains and female entrepreneurs about the potential for losses.

Deloitte urged investors in fintech to assess whether biases contribute to their decision-making, and called for increased diversity among venture capital companies. Established financial institutions should seek partnerships with women-founded fintechs, the consulting firm said.

Deloitte’s report did highlight some progress in fintech diversity, concluding that more capital overall is being directed toward women-founded and co-founded firms. Over the five-year period, funding for women-founded startups grew at an annual compound rate of about 59%, compared with 29% for male-founded firms. The study included data from more than 3,000 global fintech startups.

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