Women Leading the Charge in India’s Fintech Revolution

India is at the forefront of the global financial technology (fintech) movement, boasting an impressive adoption rate of 87%, far exceeding the global average of 64%. This rapid embrace of fintech is not just a technological shift; it represents a cultural transformation, particularly in a sector traditionally dominated by men. Women are stepping into leadership roles, driving innovation, and reshaping the financial landscape through technology.

The Rise of Women Entrepreneurs

The evolving business environment in India reflects a progressive mindset, welcoming women across various industries, from fashion to technology. According to the Sixth Economic Census by the Ministry of Statistics and Programme Implementation (MoSPI), women entrepreneurs now account for 13.76% of the total, marking a significant step forward. However, this statistic also highlights the biases that still exist within the entrepreneurship realm, emphasizing the need for continued efforts to support and empower women in business.

Spotlight on Influential Women in Fintech

Her Circle has taken the initiative to spotlight influential women who are shaping the fintech sector in India. These leaders are not just making waves; they are redefining the industry through their contributions and innovative approaches.

Anisha Singh | SHE Capital

Anisha Singh is a trailblazer in the fintech space, having founded SHE Capital, an investment fund specifically aimed at supporting women-led startups. Launched in June 2018, SHE Capital is a testament to Anisha’s commitment to empowering female entrepreneurs. Her journey into entrepreneurship was unconventional; raised in a family with a military background, she initially lacked clarity about her career path. However, encouragement from her professors at American University led her to pursue an MBA.

Anisha’s pivotal moment came during an internship in Washington, D.C., where she was inspired by Julie Holdren, a dynamic leader managing a large startup. This experience ignited her passion for entrepreneurship. Through SHE Capital, Anisha not only provides financial support but also mentorship, aiming to cultivate a new generation of female-led high-growth businesses.

Upasana Taku | MobiKwik

Co-founder of MobiKwik, Upasana Taku has made her mark as a pioneering female entrepreneur in India’s fintech industry. Since launching the digital payment startup in 2009, she has held the roles of CEO and board chair, driving the company toward profitability. With an engineering degree from Punjab Technical University and a master’s from Stanford, Upasana’s background is as impressive as her entrepreneurial journey.

Before MobiKwik, she gained valuable experience at PayPal and HSBC. Her return to India in 2008 was fueled by a desire to tackle significant challenges in the country. Under her leadership, MobiKwik achieved profitability in the third quarter of the fiscal year 2022–2023, with innovative initiatives like the ‘Buy Now Pay Later’ program expanding its user base.

Hardika Shah | Kinara Capital

Hardika Shah is the visionary behind Kinara Capital, a fintech startup that is revolutionizing the lending landscape by offering quick, unsecured business loans to small entrepreneurs. Raised in a middle-class family in Mumbai, Hardika’s parents made sacrifices to ensure she received a quality education, instilling in her the importance of giving back to society.

After spending 23 years in the U.S., Hardika returned to India in 2011 with a mission to empower entrepreneurs. Kinara Capital has since assisted over 125,000 business owners, bridging the gap between financial accessibility and entrepreneurial aspirations. With nearly 60% of its top management comprising women, Kinara Capital champions gender diversity and offers the ‘HerVikas’ program, providing discounted loans for women-owned MSMEs.

Puja Srivastava | Spocto Solutions Pvt Limited

Puja Srivastava co-founded Spocto Solutions Pvt Limited in 2017, breaking social norms in a field where women are often underrepresented. Spocto helps financial institutions evaluate customer risk levels and monitor investment portfolios in real-time, ensuring smoother loan repayments. With a workforce of 1,000 employees, 600 of whom are women, Spocto exemplifies the importance of diversity in the fintech sector.

Puja emphasizes that women bring unique perspectives that contribute to the success of fintech companies. However, she also notes a concerning trend: fewer job applications from women in fintech, where they currently make up less than one-third of the workforce. She advocates for greater diversity to propel India toward becoming a trillion-dollar economy.

Swati Bhargava | CashKaro/EarnKaro

Swati Bhargava, co-founder of CashKaro and EarnKaro, has developed a social commerce app designed to empower homemakers economically. Launched in 2019, EarnKaro allows users to share shopping deals on platforms like Telegram and WhatsApp, enabling them to earn cashback. In less than two years, the app attracted nearly two million resellers, primarily women from smaller cities.

Swati’s entrepreneurial journey began after a successful career in investment banking at Goldman Sachs. Together with her husband, she identified the potential of cashback in India’s growing fintech sector. Their vision has transformed into a thriving business, driven by a commitment to innovation and customer satisfaction.

The stories of these women illustrate not just their individual successes but also the collective progress being made in India’s fintech landscape. As they continue to break barriers and inspire future generations, their contributions are pivotal in shaping a more inclusive and innovative financial ecosystem.