The Reserve Bank Innovation Hub (RBIH), a Reserve Bank of India subsidiary, has joined forces with IIM Ahmedabad’s startup incubator, IIMA Ventures, to announce the Swanari TechSprint 3.0 program.
This program is meant significantly to help fintech startups develop innovative solutions to address women’s financial inclusion in India. Participating start-ups will get expert mentorship, funding grants, and other resources to improve and scale their products.
Financial Gaps for Women
The World Bank states that despite various initiatives taken to improve financial access, 556 million Indian women aged 15-64 are still underserved by current financial services. The Swanari TechSprint focuses on the empowerment of self-help groups, women-owned MSMEs, and female street vendors. It addresses issues like inoperative bank accounts and credit access constraints that have plagued women’s financial independence for a long time.
Aakarsh Naidu, Head of Fintech & Startups at RBIH, described the vision of the program:
“Financial inclusion is an integral part of the growth story of India and Swanari TechSprint is a platform that would help spot and support innovators working toward women’s unique financial needs.”
Partner – Insights at IIMA Ventures, Supriya Sharma elaborated on the program as a “call to action” for the fin-tech innovators:
“Even though enormous progress has been made, women still experience barriers. This program is a move towards actionable change.”
How To Apply and Success Stories
The Swanari TechSprint program is now open to apply to startups focused on gender-inclusive financial products. Eligible startups must:
- Have a minimum viable product.
- Pre-seed to pre-Series A funding or have shown revenue/user traction.
- Prominent alumni of previous cohorts include Kaleidofin, Merakal, Vitto, and Haqdarshak, each forging new ways to empower women’s financial lives.
Empowering Women’s Financial Futures
RBIH and IIMA Ventures strive to transform women’s financial lives and bridge key banking and credit access gaps through technology-enabled solutions.
Swanari TechSprint 3.0 sets a clear objective to foster a generation of startups that can empower millions of Indian women, bringing them closer to economic independence and a brighter future.
FAQs
- What is the Swanari TechSprint programme?
The Swanari TechSprint program is a fintech startup acceleration program initiated by RBIH and IIMA Ventures to support the development of fintech solutions in India that support women’s financial inclusion.
- Who can apply for Swanari TechSprint 3.0?
Applicants should be startups with a gender-focused financial solution, MVP, and pre-seed to pre-Series A funding.
- What does the program offer?
It offers participants expert mentorship, grants, and resources to scale and enhance their solutions.
- What problems does the program solve?
It addresses issues such as inactive bank accounts, lack of access to credit, and financial exclusion that self-help groups, women-owned MSMEs, and female street vendors face.
- What impact has Swanari TechSprint had so far?
Past cohorts have empowered women through innovative financial solutions, showing great impact in addressing India’s financial inclusion challenges.
