5 FinTechs empowering Women’s Financial Independence in India

By Gloria Mathias

In the contemporary digital realm, women are increasingly assuming control over their personal as well as their families’ financial security, transcending conventional boundaries set by society and ascribed gender roles, and embracing financial empowerment to a heightened degree.

According to the World Bank, the Labour Force Participation Rate (LFPR) in India was 24% for females and 73.6% for males in 2022. However, recently, the LFPR among females was 32.7% and among males was 76.8% for 2023. The labour force participation rate is the proportion of the population ages 15 and older that is economically active. Since 1990, female labour force participation has been positively incremental on a rapid scale.

The statistics measured above are not only a testament to women gripping employment opportunities but also to them being wage earners and equal income contributors in their respective households, having the purchasing power and the freedom to manage their income and generate promising investments.  With all these revolutionary trends, women’s wealth generation patterns and expense management habits are a subject of research and study.

The emergence of FinTech has played a pivotal role in creating a transition within the digital financial services sector, affording women seamless access to a diverse array of tools for proficient financial management, investment strategies, and meaningful engagement in a spectrum of financial endeavours.

Listed are 5 platforms empowering women to journey towards financial freedom:

• LazyPay: Credit Super-App

As a credit super-app, LazyPay offers a comprehensive suite of offerings, including Buy Now, Pay Later, XpressLoans, co-branded credit cards, and bill-pay services, enriching users’ financial experiences across India. It provides 1-tap payment solutions at some of the leading eCommerce lifestyle merchants, food ordering apps, and travel apps. With its extensive merchant network and credit instruments, LazyPay continues to empower women and thereby navigate their entrepreneurial journey seamlessly.

• LXME: Tailored Financial Platform for Women

LXME, a financial platform tailored for women, has attracted many newcomers to investing. The platform encourages financial empowerment through online learning, planning tools, and independent investing. Offering a safe space for women to discuss various financial topics, LXME provides free membership to a strong community of women and aims to instill confidence and empowerment in managing women’s financial affairs.

• Fisdom: Making Investing and Wealth Management Simple

Fisdom is a WealthTech platform that offers personalised investment solutions to individuals, aiming to simplify the process and make it accessible to everyone. Their mission is to democratise wealth management and provide quality investment advice and solutions to all, regardless of income or net worth. Fisdom, with its academy, also helps millions of Indians learn about the financial market and stay updated.

• Kite: Zerodha’s User-Friendly Trading Platform

Kite, a user-friendly trading platform by Zerodha, offers an integrated trading and reporting system with robust charting capabilities. Providing features like intuitive search and filters, rapid trading execution, smart filters, multiple market watch options, and advanced charts, Kite is designed for a seamless trading experience.

• GetBasis: Bridging Knowledge and Trust Gaps for Women

Get Basis is dedicated to bridging knowledge and trust gaps for women in crucial financial decisions. Fueled by India’s first prepaid card exclusively for women, the platform prioritises financial education and community-building and is committed to providing resources and support for informed decision-making and financial independence.