We have heard that our mother used to save some money which would come in handy when needed. Although ladies give importance to savings but are not able to invest money in a right way.
A survey conducted by the startup with over 5,000 women across metros and Tier-I and II cities in the age group of 25-45 and working across professions further indicated the key barriers that stop women from investing their own money. They were lack of awareness, high association with risk, and most importantly, social orientation - the belief that investment is essentially a man's domain.
Why do we need an investment platform just for women?
Women all over the world have differentiated investment needs. We aim at solving those needs with our personalised mutual fund investment opportunities.
Founded in 2018 by Priti Rathi Gupta, LXME app enable women to independently manage their money by providing them with the right knowledge and tools to take charge of their personal finances. Recently, it was awarded the title of 'The Female Economy FinTech of the Year' at the Financial Alliance for Women Hackathon.
Let's get started
To start using the app, you have to sign-up using your mobile number. The first thing we notice at homepage is that the app has a minimalistic design aimed at making money management easier for women. The app's UI and UX are suitable for first-time investors looking out to explore financial planning.
On the homepage you can scroll to see finance-related conversations, questions, posts etc. It also offers bite-sized learning courses to get acquainted with personal finance. You can also post questions such as what happens if you don't pay your credit card bills, or what are the saving plan for monthly investment etc. These questions are answered by experts and fellow community members.
Users can learn more about financial planning with financial calculators on topics such as retirement planning, tax planning, and other financial goals that help you evaluate hoe far are you from your goal and guide you to start your investment journey. These calculators enable informed financial planning.
Finally, once you are well aware of your financial goals and understand different financial instrument, the app has a 'my money' tab which is equipped with financial tools such as curated mutual fund plans and gold product for investment. At the time of investment, the app also shows hoe much money will grow roughly in the given time frame. We need kyc approval and it is done fully digitally. After the investment, users can track their investments on the app dashboard. The dashboard also allow users to withdraw money, add more money to plan, request a detailed report and automate payments for SIPs.
While apps like Paytm Money, Coin bu Zerodha and more allow users to invest and learn about investing, the female-to-female community may give a sense of security and comfort to a lot of women. It will be even better if going forward, LXME can add all the finance schemes, benefits and government schemes related to women under one platform.
Overall, the app is free, easy-to-use and we would recommend first time women investors, to give this app a try.
You can download android and ios version as well.
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