AI-based digital financial services platform Davinta has been named a winner at the global Inclusive Fintech 50 2020 event for driving remarkable digital financial inclusion among low income population in India. The Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC and additional funding from BlackRock and Jersey Overseas Aid & Comic Relief.
Davintas customers most of whom are rural women in India use its tailor-made financial products and its micro markets to create and sell products for sustainable livelihoods
Inclusive Fintech 50 winners are chosen by an independent panel of 35 experts from leading venture capital, technology, and financial services firms. The list recognizes the most promising technology start-ups providing innovative credit, insurance, savings, and other critical financial services to unbanked, marginalized, and vulnerable populations. Davinta was selected from hundreds of eligible Fintech start-ups globally based on four criteria: Market Traction, Scale Potential, Innovation, and Inclusiveness. With this Davinta joins a marquee group of 50 transformational fintechs globally.
On winning this award, Ravi Garikipati, CEO, Davinta said, “We are overwhelmed and delighted to be recognized by MetLife Foundation and Visa as an ‘Inclusive Fintech‘ amongst so many strong contenders from across the world. The award recognizes our mission and efforts to improve and transform the lives of the underserved in India via financial inclusion enabled by technology. Our approach puts the customer at the centre and creates products around them by understanding their needs, hopes and aspirations. This is fundamentally different from the traditional ‘one-size-fits-all‘ approach in financial services.”
Davinta drives credit, insurance and remittance services on its platform to unbanked and underbanked customers, focusing primarily on women living in rural areas and micro-enterprises in low-income segments. Its digital infrastructure leverages data from both traditional and alternative channels to build proprietary credit models to recommend financial products customised for new-to-credit populations. Davinta augments its reach in rural and deep-rural India by encouraging a network of young entrepreneurs, trained to operate as Davinta Franchisees – fulfilling last-mile delivery of the platform’s end-to-end digital experience for customers.
Also, through a network of partnerships, Davinta creates micro-markets for both consumers and micro-enterprises where its customers get opportunities to create and sell products and services, generating sustainable income. Since its launch, the Company has served nearly 15,000 customers, almost 80% of them women.
Over the last 12 month, Davinta has seen a strong product-market fit across multiple states in India. Leveraging the growing demand for Davinta’s financial services gives underserved customers and micro-enterprises a new financial services experience. The Company has now charted aggressive pan-India expansion plans.
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