India’s first financial platform for women, LXME has won ‘The Female Economy Fintech of the Year’ at the Financial Alliance for Women Hackthon. The title serves as a global recognition for the startup that focuses on empowering women with financial freedom.
As part of the Alliance Hackathon initiative, LXME will be given the opportunity to connect with incumbent banks with a strong interest in supporting women customers. The second edition of the Hackathon was focused on financing the section comprising majority of women owned/led businesses.
Falling between traditional SME lending by banks and traditional microfinance by MFIs, this target group will acquire solutions provided by the hackathon to leverage its deep expertise in serving the women’s market to support fintechs, develop solutions for women business-owners’ access to finance and non-financial services to accelerate their business growth.
Priti Rathi Gupta, Founder, LXME, said they 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. At LXME, it has been our constant endeavor to counter societal stigma towards women and investing and empower them. We are delighted to receive this award and have our beliefs and goals recognized on a global stage.”
The Financial Alliance for Women team said the platform is an answer to a huge challenge out there in terms of building and supporting mass market women’s investment capabilities. “Women’s lower life time earnings, longer life expectancy and self-reported lower levels of investment know-how translates into a huge gender gap in asset levels. LXME is solving for that and we believe that the platform is a game changer.”
The Financial Alliance for Women is a New York headquartered members’ network of financial organizations dedicated to championing the female economy. As a unique network with members from over 135 countries, the alliance believes in the ambition of unlocking the full value of the female economy.
The Hack was judged by a panel of global leaders in the financial services/fintech space and was hosted in partnership with the Monetary Authority of Singapore and on the APIX platform. Fintechs were invited to customize their solutions to the following markets – Colombia, Brazil, Nigeria, Kenya, Singapore, and all four South Asian countries – Bangladesh, India, Pakistan and Sri Lanka. The evaluation parameters included idea validation, innovation and prototype, impact on women’s market, business models, competitiveness and scalability, team and female founders.