Halla Tómasdóttir built Icelandic investment firm Audur Capital on five feminine values in finance: risk awareness, straight talking, emotional capital, profit with principles and independence. When Iceland’s banking system collapsed in 2008, Audur Capital stayed solvent while larger institutions failed. Her 2010 TEDWomen talk showed that finance does not have to be aggressive, opaque or short-term. For UK women running businesses today, her framework is a practical reminder that how you raise, manage and return capital matters as much as the amount.
Halla Tómasdóttir and the Audur Capital story
Halla Tómasdóttir co-founded Audur Capital in 2007, an investment company that aimed to bring a different set of values to Icelandic finance. Before the crash, she had worked in corporate America and Iceland, including at the telecom firm Iceland Telecom and as a member of the board of the Iceland Stock Exchange. When Iceland’s three largest banks failed in October 2008, Audur Capital survived because it had refused to take on the leverage, complexity and conflicts of interest that brought down its rivals. Tómasdóttir’s TEDWomen talk, recorded in December 2010, has been viewed millions of times and remains one of the clearest explanations of how values can be a competitive advantage in financial services.
The five feminine values in finance she used at Audur Capital
Tómasdóttir did not claim these values belong only to women. She argued that they had been dismissed as feminine and therefore excluded from mainstream finance, even though they reduce risk and build trust. The five values are:
Risk awareness
Rather than avoiding risk entirely, Audur Capital measured it carefully and refused investments it did not understand. Tómasdóttir called this feminine because it prioritised preservation and sustainability over aggressive growth.
Straight talking
Audur Capital promised plain language and transparent fees. Tómasdóttir believed that complexity in finance often hides conflicts of interest and that clients deserve to understand what they are buying.
Emotional capital
Tómasdóttir treated intuition, relationships and emotional intelligence as assets, not weaknesses. In her view, finance that ignores how people feel produces decisions that look rational on paper but fail in reality.
Profit with principles
Audur Capital invested only in companies it understood and respected. This excluded sectors and practices that conflicted with its values, even when they were profitable in the short term.
Independence
The firm maintained its independence from large banks and their incentive structures. This allowed it to say no to deals that generated fees but added hidden risk.
Why feminine values in finance matter for UK women founders
The UK finance landscape has changed since 2008, but the underlying problems Tómasdóttir identified have not disappeared. The Alison Rose Review of Female Entrepreneurship, commissioned by HM Treasury and published in 2019, found that only one in three UK entrepreneurs is female and that closing the entrepreneurship gender gap could add up to £250 billion to the UK economy.
The gender pay gap in finance and insurance also remains the largest of any UK sector. ONS data from 2024 showed that the median hourly gender pay gap for full-time employees across the UK was 7.7%, but in financial and insurance activities it was 22.6%. This suggests that the culture Tómasdóttir challenged, one that rewards short-term risk-taking and undervalues relationship-based decision making, is still embedded in parts of the UK industry.
There are signs of change. The Investing in Women Code, launched by HM Treasury in 2019 and now overseen by the British Business Bank, asks signatories to improve data collection and increase funding to female entrepreneurs. Initiatives such as the British Business Bank’s Start Up Loans programme and the Women Backing Women Fund are also designed to direct capital towards women-led businesses. You can read more about the broader context in our Women in Business: Key UK Facts page and our update on British Business Bank: New Funding Rules for Women Founders.
How to apply these values in your own UK business
You do not need to run an investment firm to use Tómasdóttir’s framework. Here is how each value translates for a UK woman running a small business or startup.
Build risk awareness into your funding decisions
Before accepting investment, ask what covenants, personal guarantees or control rights come with it. A high valuation can be expensive if it forces you into growth targets you cannot meet. Review the British Business Bank’s guidance and compare terms from more than one source.
Demand straight talking from advisers
If an accountant, investor or lender cannot explain fees, returns or risks in plain English, treat that as a warning sign. The Financial Conduct Authority expects financial promotions to be clear, fair and not misleading, and the same standard should apply to private conversations.
Invest in emotional capital
Your reputation, relationships and ability to read people are assets. Network deliberately, document what you learn from customers and protect your wellbeing. Our article on Funding for Growth: How UK Women Founders Lead With Purpose explores how purpose and relationships affect investment decisions.
Choose profit with principles
Define the clients, sectors and practices you will not touch, even if they pay well. This makes decision making faster and protects your brand. If you want external recognition, consider certifications such as B Corp, which assesses social and environmental performance alongside profit.
Protect your independence from lenders and investors
Keep a cash reserve, diversify your customer base and avoid over-reliance on a single lender or investor. Independence gives you the power to turn down opportunities that do not fit your values or your long-term plan.
Five action steps for your business
- Watch Halla Tómasdóttir’s TEDWomen talk to see how she explains the five values in under twenty minutes.
- Review your current funding and banking arrangements against the five values. Identify one relationship or term that conflicts with them.
- Read the British Business Bank’s guidance for women founders and check whether you are eligible for the Start Up Loans programme or other government-backed finance.
- Calculate your runway and stress-test it against a 20% drop in revenue or a three-month delay in payment.
- Write a short values statement for your business that covers the clients, sectors and practices you will refuse.
Halla Tómasdóttir’s feminine values in finance are not a relic of the 2008 crisis. They are a practical checklist for any UK woman who wants to build a business that survives shocks, attracts the right investors and aligns profit with purpose. In a market where women founders still face a funding gap and finance culture still rewards short-term risk, her approach offers a credible alternative.
