These 4 platforms are helping women become financially independent
There is no arguing that financial independence ensures financial security. However, the relationship between women and finances has remained tricky, at least in India, as society expects men to provide for the family and take charge of the finances. This leads women to largely stay away from making any major financial decisions.
Even as the millennial and Gen Z population enjoy a professional life, many either face difficulty in accessing financial tools and services, or lack awareness to move their money in the right direction.
Women-focused financial platforms have become the need of the hour, and this is where many women from the world of finance and investment stepping in to address this gap.
Here are four startups and non-profit organisations that aim to financially empower women.
Basis' Co-founders, Hena Mehta and Dipika Jaikishan
is an app to help women become more financially savvy and plan better to achieve financial goals. It does so through educational webinars and lessons in finance, as well as by giving them personalised investment advice, depending on their goals.
After a quick and easy registration process, the app guides users with three key features. This includes the knowledge boosters section that simplifies financial jargon, the advisory section that offers tools to manage mutual fund investments and calculate other capital needs, and finally, the community section that allows users to share their experiences and learnings and clear any doubts.
Based in Bengaluru, the fintech venture is inspired by founder Hena Mehta’s own experiences of dealing with finance after she secured a place at the Wharton School’s MBA programme in 2016.
Interacting with over 500 women in urban India upon her return, she noted that many lacked financial awareness. In 2018, she launched the financial app for women, along with her co-founder Dipika Jaikishan, who had spent over a decade in the personal finance industry.
Priti Rathi Gupta, Founder of LXME
Former financial advisor Priti Rathi Gupta donned the entrepreneurial hat when she founded LXME, a fintech platform exclusively for women. A self-proclaimed financial feminist, Priti aims to help women take charge of their finances by educating through the LXME website and mobile application.
Backed by financial services firm Anand Rathi, LXME plans to bridge the knowledge and accessibility gap for women to make their own decisions, instead of relying on male members of the family.
The Mumbai-based startup focuses on educating women on financial products like mutual funds, stocks, and bonds, and creates a community of women to engage them in conversations around their finances.
Priti believes that equipping women with investing and financial planning knowledge will not only help them at a personal level but also impact the flow of investments at a macro level.
Delhi-based WinPE is a non-profit organisation that aims to bring gender diversity in private equity by involving women. It does so through a three-pronged approach, which begins by engaging with investment firms, decision-makers, employers, and influencers to drive positive action in favour of gender diversity.
It also empowers women in the industry by helping with networking, mentorship, and leadership training, and finally, enhances women’s participation through outreach and career conversations.
The non-profit was founded in January 2020 by Nupur Garg, an MBA from MIT Sloan with experience in private equity investing, operations, and finance in leading global organisations like IFC, an arm of the World Bank Group; Discovery Networks; and PwC.
Within a year of launching WinPE, the organisation had reached 77,000 men and women organically through 18 events that brought together 69 industry seniors, thought leaders, and influencers.
Miss Piggy Bank
Former PR professional Shagun Bansali Mehta’s personal challenges with money matters led her to start Miss Piggy Banks, a user-centric finance platform focused on women seeking financial advice.
Noting the shared experience of her female colleagues’ tryst with finances, she started a blog and an Instagram handle to simplify financial advice and connect users with financial advisors/planners who are trustworthy and curated.
At present, she is working on developing Miss Piggy Banks into a 360-degree integrated platform where users can book appointments, receive guidance, and get matched to the right advisors – all on a single portal.
On its website, users can opt for services and advice from professionals based on their educational background, expertise, fees charged, and investment style.