LXME is building India’s 1st neobank for women. Women today have proven to break all barriers and obstacles and continue to excel in every field and role. In a world that has been pre-dominated and oriented towards men, women time and again have raised the bar of excellence and broken gender stereotypes to emerge victorious. Yet somehow, while we continue to raise daughters to be the young independent woman we miss the foundational step of making her one. In the world of tomorrow, we strive to make our gender roles equal, like the gods and goddesses we worship equally. In India, while we might pray to our goddess of wealth, Laxmi, we shy away from teaching our women the financial mantras of managing wealth and money.
In mid-2020, LXME began with the idea of bridging the deep chasm that exists between financial education for men and women. While India continues to grow its financial industry, one that is predominantly male-oriented, it is evident that the products and financial tools that cater to women could be minimal to nil. With an aim to inspire a wave of financial fearlessness among women to independently manage their money and achieve their dreams, in the past year alone, LXME has impacted over 1 lac+ women and facilitated a community of fierce financial feminists.
Gujarat is an important market for LXME and according to their recent Women and Money Power Survey 2022 report, women in Gujarat are more inclined towards saving money as compared to their national counterparts. Over 32% women in Gujarat save more than 30% of their savings as compared to 15% across India. Inspite of that whooping 38% women in Gujrat do not invest at all . One of the key barriers is that they were unsure about investments and found most of the financial terms difficult to understand. Women are willing to increase their investment if they have better knowledge about the subject and LXME is here to help bridge this very important gap between Women and Finances.
Women in Gujarat are great entrepreneurs and can benefit from LXME’s lending offerings to a great extent.
LXME’s Founder and MD Priti Rathi Gupta said, “As a community renowned for their business & financial acumen and smart investment decisions, the strong affinity towards exploring alternative investment avenues makes the investors in Gujarat one of our most valued customer base. Throughout the journey, LXME has driven one goal – to raise financial awareness of women, for women, by women. Whether that is through encouraging age old traditions like investments through gold but in the new form of digital gold bonds, or creating awareness about mutual funds and SIPs.”
Dr. Jasmin B Gupta, LXME’s Co-founder and CEO also mentioned “LXME is India’s first Neobank or Digital Bank for women which will offer savings, investments, loans – all financial requirements of women on one single digital platform to make it a one-stop shop financial experience for women. The financial products are designed keeping the financial needs and emotional preferences of women in mind. LXME also ensures that women are digitally and financially literate through its financial bootcamps and in-app learning courses, which makes it easy for women to start their financial freedom journey.” “
Ridhi Doongursee, Co-founder and COO, said “The #BeingLXME community is a safe space for women to discuss finance, grow their knowledge and invest. As a platform that offers calculators like the Retirement and Education Calculator and expert curated investment portfolios based on your goals, we believe that our goal of financial independence for women is sure to progress here. Our tech ensures the process is simple, scalable and can be customised based on where women are in their journey.”
The fintech aims to simplify money matters for women in three simple ways:
- An easy to use and hassle free digital platform with savings, investments and loans – all integrated into one for a one-stop shop financial experience
- Creating and facilitating a community of women to engage in conversations that make them confident about gaining more control of their finances and learn from each other as they progress on their financial journeys – #BeingLXME
- Palatable and relatable educational content on money management curated for women in the form of blog posts, videos, courses, learning modules, workshops and bootcamps that demystify the world of finance
Having won the Financial Alliance for Women Hackathon, selected as the youngest Indian community in the Facebook Accelerator Program and crowning the latest jewel in its achievement, becoming the only Indian company to feature in HM Queen Elizabeth II’s Platinum Jubilee Commemorative Album, this fintech from Mumbai has marked one milestone in another to strive to empower women financially everywhere. Throughout the journey LXME has driven one goal – to raise financial awareness of women, for women, by women.