This Bengaluru-Based Fintech Startup ‘Basis’ Is Powering Financial Independence For Women
Financial illiteracy and lack of money management skills are the prime reason for women’s dependency on men.
As per a 2020 report by Microsave Consulting, 23% of women in India still do not have access to any formal financial services.
And of the 77% who do, 44% don’t use the services due to lack of regular income, motivation, or understanding of the financial world.
In India, issues regarding money investment and planning are majorly conducted by men, leaving a large portion of women financially illiterate.
This leads to financial disempowerment, discrimination, or exclusion of women.
While the number of financially independent women are on the rise in India, there is a lack of consumable content that enable women to make informed decisions about their money.
Today’s story is about such a startup that is bridging the knowledge and trust gaps that women face while making financial decisions.
Startup Story: Basis | Powering Financial Independence for Women
Founded by Hena Mehta and Dipika Jaikishan in 2018, Basis is a Bengaluru-based fintech startup focused on the financial independence of Indian women.
Hena Mehta started her career as a software engineer with Goldman Sachs and went on to work with Ezetap and Square, while Dipika Jaikishan has 10+years of experience in the personal finance industry.
Dipika has worked with financial services firms such as Money Matters and Fisdom, and managed investment portfolios of over Rs 100 crore.
How Basis Started?
It all started when Hena Mehta’ got accepted into the prestigious Wharton School’s MBA programme in 2016.
But the joy wore off quickly when she realised how hard it would be for her to pay for her higher education, that too abroad.
She did not want to take out a loan, but she had no other option.
Reminiscing those days, Hena Mehta says,
“In hindsight, I wished I had planned my finances more prudently when I started working at the age of 21 and made use of compounding to grow my wealth.”
The question, “Why don’t more women take charge of their finances to power their life goals?”, stayed with her during her time in the US.
After returning to India in 2018, Hena interacted with nearly 500 urban women across the country and realised that this was the problem she wanted to tackle.
She wanted to help women become more financially savvy and define their financial future.
So, to enable women to make financially well-informed and independent decisions for themselves, Hena along with Dipika started Basis.[Read: Making Education Accessible, Fintech Startup ‘Eduvanz’ Provides Fast, Cheap, And Flexible Education Loans]
USP Of Basis
Basis is a digital platform powered by tailored financial content, engaged communities and curated services and products for women.
Powering financial independence for women, the app is easy to use. The registration process is easy and quick, enabling the user to enter customised information.
The app offers tools to help the user manage her money better. The fintech platform also regularly conducts financial webinars for women on the app.
From investing in mutual funds to calculating the capital cushion she might need during periods such as a career break, Basis, via its offerings, is bridging the knowledge and trust gaps that women face while making financial decisions.
The app has a “Community” section, enabling users to interact with each other, ask questions, and share learnings.
Present Situation Of Basis
Presently, the user base of Basis comprises salaried women, entrepreneurs, freelancers, and college graduates looking to handle their financial matters better.
Backed by investors like Better Capital, EMVC Fintech Fund, and Kora Capital, the app recently crossed 50,000 downloads on the iOS App Store and Google Play Store.
Future Plans Of Basis
The fintech startup will soon launch a premium subscription plan. The plan will help Basis generate recurring revenue and offer more personalised financial advice, masterclasses, and on-demand financial advisors as part of its “Basis First” service.
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