Mumbai-based IndiaP2P Becomes the First Indian Startup to Win Women World Banking’s Fintech Innovation Challenge
- 08.06.2023 09:10 am
Mumbai-based fintech startup IndiaP2P announced that it has won the Grand Prize at Women World Banking’s Fintech Innovation Challenge.
Women World Banking (WWB) is a global organization that provides support to financial institutions and banks that offer credit and other financial services to women consumers, with a particular focus on low-income women. The Fintech Innovation Challenge is a competition designed for Fintechs serving the women's market, a market that will unlock $700Bn in additional revenues for financial institutions, according to WWB. IndiaP2P was chosen as a winner along with Paycode, UK out of 98 applicants from across the world, all developing innovative products for the low-income women’s market.
IndiaP2P is founded by serial entrepreneurs and fintech specialists Neha Juneja, Ravinder Voomidisingh and Mohit Gupta. IndiaP2P’s technology stack enables capital to move towards serving the credit needs of women entrepreneurs, resulting in high-yield assets for investors. Through its proprietary technology platform, IndiaP2P enables private investors to invest directly in this segment and unlocks yield lost to intermediaries, such as banks or financial institutions that restrict the capital flow into the segment. In the twelve months since its launch, IndiaP2P has delivered the highest returns for a peer-to-peer lending platform in India at 16% p.a. to its retail investors.
Neha Juneja, Co-founder IndiaP2P added - “The 80 million women borrowers in India cover about 25% of the households. This segment is characterized by low defaults, high yields and very consistent performance, making it India’s best asset class. IndiaP2P’s technology platform unlocks new capital supply for this asset class i.e. rural women borrowers by enabling investors (retail + institutional) to invest directly in this segment. We are building India’s largest tech-enabled financial institution for women and strongly believe that digitizing financial flows of rural women has a positive, multiplier effect on the economy and society.”
IndiaP2P has previously raised pre-seed funding from Antler and other prominent angels.