LXME: Championing Women’s Financial Empowerment
In a significant achievement for women’s financial empowerment, LXME, India’s pioneering financial platform tailored for women, has been awarded the title of ‘The Female Economy FinTech of the Year’ at the prestigious Financial Alliance for Women Hackathon. This accolade not only highlights LXME’s commitment to fostering financial independence among women but also marks a global recognition of its innovative approach.
The Financial Alliance for Women: A Global Network
The Financial Alliance for Women is a New York-based network comprising financial organizations dedicated to advancing the female economy. With members spanning over 135 countries, the alliance aims to unlock the full potential of the female economy, recognizing that women represent a significant and often underserved market in financial services. This network serves as a platform for collaboration, innovation, and advocacy, focusing on the unique financial needs of women worldwide.
The Hackathon Initiative
As part of the Alliance Hackathon initiative, LXME will have the unique opportunity to connect with established banks that are keen on supporting women customers. The second edition of the Hackathon specifically targeted financing for businesses predominantly owned or led by women. This demographic often finds itself in a challenging position, caught between traditional SME lending and microfinance solutions. The Hackathon aims to bridge this gap by providing tailored solutions that empower women entrepreneurs to access both financial and non-financial services, ultimately accelerating their business growth.
LXME’s Vision and Mission
Upon receiving the award, Priti Rathi Gupta, the Founder of LXME, expressed her excitement and gratitude. She stated, “We are thrilled and humbled to be recognized by a globally-recognized community like the Financial Alliance for Women. A platform like the Alliance Hackathon identifies the wealth of opportunities that can be explored by fintech by empowering the female economy.” Gupta emphasized LXME’s commitment to challenging societal stigmas surrounding women and investing, reinforcing the platform’s mission to empower women financially.
Addressing the Gender Gap in Finance
The Financial Alliance for Women team highlighted the critical role LXME plays in addressing the significant challenges women face in building investment capabilities. Women often experience lower lifetime earnings, longer life expectancy, and self-reported lower levels of investment knowledge, which contribute to a substantial gender gap in asset accumulation. LXME is actively working to close this gap, positioning itself as a game changer in the financial landscape for women.
Judging Criteria and Global Participation
The Hackathon was judged by a panel of esteemed leaders from the financial services and fintech sectors, and it was hosted in collaboration with the Monetary Authority of Singapore (MAS) on the APIX platform. Fintechs were invited to tailor their solutions for diverse markets, including Colombia, Brazil, Nigeria, Kenya, Singapore, and all four South Asian countries: Bangladesh, India, Pakistan, and Sri Lanka.
The evaluation criteria for the Hackathon included several key parameters: idea validation, innovation and prototype development, impact on the women’s market, business model viability, competitiveness, scalability, and the presence of female founders within the teams.
A Bright Future for Women in Finance
LXME’s recognition as ‘The Female Economy FinTech of the Year’ is not just an accolade; it represents a broader movement towards financial inclusivity for women. By focusing on the unique challenges faced by women in finance, LXME is paving the way for a future where women can achieve financial independence and security. The Hackathon serves as a catalyst for innovation, encouraging fintechs to develop solutions that meet the specific needs of women entrepreneurs and investors.
Through initiatives like these, the financial landscape is gradually transforming, making strides towards a more equitable future for women in finance.