Padmini Gupta on banking
From Padmini Gupta, Xare - Bank your tribe by xaring your cards (S3E11) · · FinTech Observer
“Banks see them as risky in a small ticket and so it's not within their wheelhouse to serve these migrants — the result is that 70% of the working population in the country is actually locked out of formal financial system both here and in their home countries.”
On , Padmini Gupta, CEO & Co-Founder at Rise, spoke about banking during Padmini Gupta, Xare - Bank your tribe by xaring your cards (S3E11) on FinTech Observer.
About Padmini Gupta
Padmini Gupta, CEO and co-founder of Rise and the Xare app, has described her work on financial services for migrants. She stated that Rise was created to build a financial platform for migrants, providing access to accounts, loans, insurance, and investment products. Gupta noted that the company later developed Xare, an app that allows cardholders to share their card access with others by creating a link with specified limits, rather than sending money through traditional remittance. She said the app had over three million users and was available in over 180 countries as of 2023. Gupta has described her background as including over a decade in banking in California, an MBA from Oxford, and a role as a World Economic Forum Global Leadership Fellow. She has stated that the purpose of Xare is to "reclaim that soul of banking for everyone" and to allow income earners to share financial resources with those who do not earn an income. In a 2019 poetry performance, Gupta recited a poem titled "Till I Die" from the perspective of a mother addressing her daughter, describing various parenting decisions and concluding with the line, "you will always be my baby and I, your sanctuary."