Empowering Women in FinTech: A Transformative Journey

By Puja Sharma

The Financial Gender Gap in India

According to the Women & Money Power 2022 report, a staggering 55% of women in India are not making independent financial decisions. Despite the country being renowned for its financial advisory services, there remains a significant segment of the female population that has yet to be addressed. This gap highlights the urgent need for tailored financial solutions that cater specifically to women.

Voices from the FinTech Ecosystem

On the occasion of International Women’s Day (IWD), prominent women in India’s FinTech landscape shared their insights with IBS Intelligence about the industry’s future and the importance of placing women at the forefront of both leadership and consumer perspectives.

Priti Rathi Gupta: Bridging the Gap

Priti Rathi Gupta, the founder of LXME, a financial platform designed for women, remarked on the stark disparity between the number of financial products aimed at men versus those for women. She noted, “Around 33% of women in India do not invest at all, and 22% are unaware of investments in their name.”

When she launched LXME in 2018, her mission was clear: to combat this negligence. With a predominantly women-led team, Priti emphasized that gender inclusion begins in the workplace. “We have been successful to a great extent, but our journey is quite long,” she stated, expressing optimism about the increasing number of women taking charge in the FinTech sector.

Priyanka Kanwar: A Changing Landscape

Priyanka Kanwar, co-founder of Falcon, an embedded finance start-up, echoed Priti’s sentiments. She observed a significant increase in the number of women in various roles within FinTech, from engineers to investors. “I’m thrilled that this trend is fast changing,” she said, highlighting her commitment to hiring and mentoring more women in the industry.

Priyanka believes that the rapid technological advancements in FinTech present an opportunity for women to contribute to building a financially equitable future. “With an astute sense of financial management, women are gradually assuming significant roles in FinTech, impacting how we address financial needs today.”

Priyanka Rathore: The Opportunity for Women-Centric Services

Priyanka Rathore, co-founder and COO at Strata, a PropTech platform, pointed out that gender inequality and the lack of financial independence among women have inspired many successful start-ups in FinTech. “This underlines the enormous opportunity for the industry to prioritize women-centric services,” she noted.

A Deloitte study revealed that only 12.2% of FinTech firms have women as founders or co-founders. However, when considering the broader impact of women employees across organizations, the influence of FinTech on women’s lives becomes more pronounced.

Shweta Aprameya: Designing for Women

Shweta Aprameya, CEO and founder of ARTH, a women-focused micro-financing platform, emphasized the importance of creating products tailored for women micro-entrepreneurs. “The pandemic has accelerated the adoption of digital financial services, benefiting women who are no longer restricted by physical branches,” she explained.

Shweta believes that as more women-led FinTech firms emerge, they will lead the charge in designing products that resonate with the unique challenges faced by women in the economic landscape.

Natasha Jethanandani: A Promising Future

Natasha Jethanandani, CTO and co-founder of Kaleidofin, a platform for excluded individuals, highlighted the encouraging representation of women in FinTech compared to traditional finance and technology sectors. “Younger FinTech firms have crafted policies that attract talented women employees,” she noted.

Natasha stressed the need for continued momentum in women’s participation, advocating for diversity in hiring and creating a supportive work culture. “Simple yet effective steps can significantly enhance women’s involvement in the sector,” she added.

The Road Ahead

The insights shared by these trailblazing women in FinTech underscore a transformative journey towards gender equality in the financial sector. As more women step into leadership roles and the industry adapts to meet their needs, the future of FinTech looks promisingly inclusive. The collective efforts of these leaders not only aim to bridge the gender gap but also to reshape the financial landscape for generations to come.