Women at the Fintech Frontier

Shruti Aggarwal, Co-Founder, Stashfin, and Dilip Modi, Founder & CEO, Spice Money, are championing fintech for all, with a strong focus on uplifting women customers in underserved regions:

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Ravi Lalwani: What percentage of your customers are women? What percentage of your overall business comes from women customers? How have both these figures changed over the last few years?

Shruti Aggarwal: It’s exciting to see more and more women joining our Stashfin family! Back in 2020, about 9% of our customers were women. Now, in 2024, that number has climbed to 12%. That tells us women are really trusting digital lending solutions. And it’s not just about signing up - the loans we're giving to women have also jumped from 6% in 2022 to 10% this year. We're seeing a real shift, especially in places like Maharashtra, Karnataka, and Tamil Nadu.

Dilip Modi: At Spice Money, we have consistently worked towards making financial services more accessible and inclusive, and this is reflected in the growth of our female customer base. As of now, women make up approximately 60% of our total customer base. In terms of revenue, women customers now contribute half of our overall business, indicating a significant and encouraging upward trend. Over the past 5 years, we have seen a doubling in the number of female customers and a similar increase in the revenue contribution from women. This growth is largely attributed to our focus on rural financial inclusion, where women are increasingly becoming decision-makers in their households’ financial matters. Through dedicated efforts such as simplifying mobile banking, offering products tailored to women's needs, and emphasizing financial literacy, we've managed to encourage more women to take charge of their financial futures.

What changes in demand for financial services are seen among women customers in the last 2 years?