For Women By Women: 5 Platforms Demystifying Finance for Women
By: Ayushi Dutta, Correspondent
Women’s contribution to the field of finance has been on the rise over the last few years. Women entrepreneurs have also identified the need to educate Indian women about finance and wealth creation. These 5 women-led fintech platforms are helping women master personal finance.
It has always been believed that men dominate in the technology and finance sectors, which makes it challenging for women to succeed in these fields. However, things are gradually changing with time.
The recent evolving landscape has witnessed a rise in female talent, leadership, and innovation in the fintech sector. The industry is becoming more dynamic and expanding because of the new perspectives, varied skill sets, and distinctive problem-solving methodologies that women are bringing to the table.
In fintech companies, women make up 1.5 per cent of founders, 11 per cent of board members, and 19 per cent of executives. They only get one percent of venture capital funding for fintech. Women make up about 30 per cent of the workforce in the fintech industry. Less than 6 per cent of CEOs and less than 4 per cent of CIOs and CTOs in the FinTech sector are female, according to research from The FinTech Diversity Radar.
In the fintech community, women are looking for ways to improve financial literacy for Indian women. While digital financial services have contributed to the expansion of digital financial inclusion by making financing more easily, quickly, and affordably accessible, their effects on gender disparities differ amongst nations.
Here are the top 5 Women-led Fintech companies designed especially for Women.
Dhanvesttor: Anooshka Soham Bathwal
Anooshka Soham Bathwal founded the Kolkata-based wealth management company Dhanvesttor. Dhanvesttor, the newest wealth management company in India, was created by women, for women. This organization supports women's empowerment through co-learning opportunities, community-building resources, and financial gains.
The goal is to make finance accessible and easy to understand for everyone, without requiring prior financial knowledge. In addition to offering educational opportunities concerning politics, the financial industry, and current events, Dhanvesttor focuses on creating a community of women in which they can freely discuss their financial objectives, worries, and difficulties without fear of judgment.
Kaleidofin: Sucharita Mukherjee
Kaleidofin is a fintech platform that offers underbanked people and households broad financial solutions. By offering simple, customized financial solutions, the platform helps users achieve their real-world objectives. Their solutions take into consideration the potential financial vulnerabilities and obstacles that these customers may encounter.
Kaleidofin's CEO and co-founder is Sucharita Mukherjee. She co-founded the IFMR group earlier, and most recently she served as IFMR Holdings' group CEO. She developed the idea and started IFMR Capital, facilitating access to capital markets for financial inclusion. Her innovative and tireless efforts towards the financial inclusion of MSMEs have won her recognition.
LXME: Priti Rathi Gupta
LXME was founded by Priti Rathi Gupta. Pronounced Lakshmi, LXME is India's first female-only financial platform. To help women achieve financial independence, the platform provides a variety of financial services, such as lending, investment, and savings options. By arming women with the knowledge and assets necessary to manage their finances wisely and confidently, LXME hopes to close the gender gap in finance in India. It provides a safe and secure women-only forum for discussions on money-related topics, as well as intelligent content that teaches you how to manage your personal finances and build wealth.
Basis: Hena Mehta
Basis's co-founder and CEO is Hena Mehta. The first prepaid card in India was created by women for women and designed to meet their specific financial needs. It is a financial services hub that provides women with a number of services, such as opportunities for learning, earning, and saving. There are several advantages associated with the card, such as daily cashback of up to 3 per cent, no enrollment fees, and no additional costs. Additionally, over 40 women-focused brands are available as hand-picked rewards on the card. Basis is more secure than debit and credit cards because it is protected by RuPay.
Heritage: Soumya Rajan
Soumya Rajan is the Founder & CEO of Waterfield Advisors. Heritage is Waterfield's comprehensive wealth advisory designed for high- and ultra-high-net-worth women, covering all life stages. It is a comprehensive wealth advisory service designed just for female founders, business owners, and senior corporate executives, enabling them to safeguard their assets, reach their financial objectives, and leave a lasting legacy for their families. The idea is to give women more self-assurance and ease in their wealth.
Asma Jan Muhammad, CFO states “However, we have miles to go to achieve education and financial literacy for women as a basic right. Mentorship programs, grants, and workshops can help women develop understanding and skills. Showing successful role models and representative women in finance may inspire others. Companies must create leadership development programs for women in collaboration and partnerships that promote gender diversity, share best practices, and set industry-wide goals that can increase women's financial representation.”