The 105th Indianapolis 500 was the first for Paretta Autosport, but it won’t be the last. Though the final result wasn’t the one the team was after, it did prove that speed and the stopwatch are blind to gender. If a reminder of that is needed, recall that this female-forward team beat out two male-dominated teams to win a starting position in the show and ended the day ahead of two other all-male teams. Indeed, 70% of the roles within the team were filled by women.
Off-track, the team was undoubtedly a huge success, earning the attention of non-motorsports media like People, Sports Illustrated, The Wall Street Journal and others. It was also a major success for partners at MoneyLion. In case you’re not familiar, they are among the new breed of online financial brands that help millions of Americans become financially stable. They have a range of products from mobile banking, credit building, loans, investing and more.
Sponsors from the banking sector are nothing new to motorsport, but MoneyLion has put a specific focus on the issue of women and financial literacy with the Women Who Roar campaign; which the partnership with Paretta Autosport was a part of. Women of all races and walks of life have likely encountered financial challenges solely on the basis of their gender at one time or another due to a culture that mostly defers to men on money matters. Moreover, the COVID-19 pandemic has disproportionately negatively affected women more than men.
MoneyLion is on a mission to change that, and the alignment with Paretta Autosport was instigated in part to close the gender gap by showing that men and women can compete together.
“Supporting women is part of MoneyLion’s company culture and values,” said Anscia Brown, Head of Social Media at MoneyLion. “Working with Beth Paretta and her team has been the pinnacle of this. Her passion, brilliance, and grit has manifested the first racing team fueled by women, which has inspired the world. Being a part of that is incredible.”
The experience for Paretta has been the epitome of bittersweet. She’s been quoted many times as saying that just being in the race was a victory. But Paretta is a dyed-in-the-wool competitor, so for her and Simona De Silvestro, the result was a letdown despite the many positives they take from it. Therein lies the power of their story in the partnership with MoneyLion: it’s not enough for women to just have a bank or investment account when the lesson is that with the right tools and guidance, they can thrive.
“We could not ask for a better company to have behind us to bring home the message of our women-driven team than MoneyLion, said Paretta.
“They are very active in supporting women by teaching financial literacy and giving women the tools to be financially stable and independent so they can get ahead. It really ties to our platform of educational pathways and skills-based careers to set women up for success everywhere.”
While driving racecars and winning races is her priority, Paretta Autosport driver De Silvestro is happy to be part of something that also has a broader purpose.
“With Beth at the helm and all these talented women working so hard at the track, I’m very proud to be a part of this team,” said De Silvestro. “Having MoneyLion as a sponsor to help drive home our message for supporting women and giving them more opportunity is something I’m honored to do.”