Women-led companies in FinTech in India are playing a pivotal role in shaping the FinTech space by bringing unique perspectives, innovative solutions, and a focus on inclusivity. These companies are not only addressing the financial needs of women but also introducing new approaches to banking, lending, and investing that benefit society as a whole by leveraging technology.
According to Statista, there were approximately 252 million women involved in entrepreneurship globally in 2018, and the market is projected to reach $10.8 trillion by 2025. In India, women-led FinTech startups are playing a crucial role in supporting women’s finances and creating more financial opportunities.
With a deep understanding of the challenges faced by women in accessing financial services, these startups are developing user-friendly platforms, offering tailored products, and creating supportive communities to empower women economically. Moreover, women-founded fintech companies are challenging traditional norms and stereotypes in the male-dominated finance industry, driving diversity and fostering a culture of inclusion.
As Women’s Day approaches, it’s only fitting that we celebrate our sHEROs and pave the path for more women-led FinTechs and businesses to flourish.
Listed below are 5 women entrepreneurs pioneering the FinTech landscape in India:
- Kinara Capital
Kinara Capital is a FinTech lending company that provides collateral-free business loans to micro, small, and medium enterprises (MSMEs). Kinara is dedicated to driving financial inclusion for small business entrepreneurs by providing them with quick and easy access to credit to help them grow their businesses. Hardika Shah is the founder and CEO of Kinara Capital. After 23 years away, she returned to India in 2011 to build Kinara Capital. Recognised for her pioneering work with Kinara, Hardika was honoured as an Ashoka Fellow by the prestigious Ashoka Foundation; she received the Financial Inclusion Award from the Sankalp Foundation; and she won the People’s Choice Live Audience Award at the Wall Street Journal Financial Inclusion event, among other accolades.
- Kaleidofin
Kaleidofin is a financial services platform that provides financial solutions to customers in India. The company’s goal is to provide fair and transparent financial solutions to millions of customers and enterprises. Kaleidofin’s platform focuses on women, which may help the company tap into a demographic that is often underserved by traditional financial services. Puneet Gupta and Sucharita Mukherjee launched Kaleidofin in 2017. Gupta is the co-founder and executive director, and Mukherjee is the co-founder and CEO. Sucharita’s commitment to financial inclusion has garnered prestigious recognition, including being chosen as “Top 40 under forty” by Economic Times in 2016, named among India’s top 20 fintech changemakers in 2017, and receiving the Young Alumni Achievers Award from IIM Ahmedabad.
- LXME
LXME is an online investment platform for women based in Mumbai, India. It offers savings, lending, and investment services to help women become financially independent. The app allows you to learn, discuss, plan, invest, earn, and spend. It is your one-stop online investment platform for all things money. LXME was founded by Priti Rathi Gupta in 2018 as a Facebook community for women to learn about money matters. Priti Rathi Gupta comes with over two decades of experience in the financial services industry. An alumnus of Harvard Business School, Priti’s aspirations lie in fostering equitable access to wealth for women. Priti & LXME were featured in Her Majesty the Queen’s Official Platinum Jubilee Pageant Commemorative Album.
- NIRA
NIRA FinTech is a consumer finance company that offers small-ticket loans to working Indians. NIRA was founded in 2017 by Nupur Gupta and Rohit Sen. NIRA’s loans are up to INR 1 lakh and can be offered for up to one year through its app-based credit line. NIRA’s digital products are designed to provide equitable and empowering financial services to everyone. Nupur Gupta, based in Bengaluru, KA, IN, is currently a co-founder at NIRA, bringing experience from previous roles at Goldman Sachs, the Institute for Quantum Computing, and Citigroup. Nupur Gupta holds a 2010 degree from the University of Waterloo.
- Open Financial Technologies
Open Financial Technologies, a neobanking platform, aims to make business banking easier. It offers a business current account, business banking APIs, and automated accounting tools. Open Financial Technologies was founded in 2017 by Anish Achuthan, Mabel Chacko, Deena Jacob, and Ajeesh Achuthan. Mabel Chacko, Co-founder and COO of Open Financial Technologies.
Source: IBS Intelligence
