Press release
Developing World Markets, Suryoday Small Finance Bank, and Saathi Money Join Forces for Financial Resilience
- The three-way partnership aims to make savings more accessible for Indians
- SSFB operates 475 Inclusive Finance branches across India, serving an active customer base of over 1.5 million
Aleem Remtula
Partner, Private Equity
New York, NY and Stamford, CT
Sep 18, 2024
We’re excited to announce a groundbreaking new initiative from Developing World Markets (DWM), Suryoday Small Finance Bank (SSFB) and Saathi Money, aimed at boosting financial resilience. This digital partnership aims to make savings more accessible and attractive, especially for youth and women from lower-income households in the country.
According to World Bank data, over 75% of adults in India have a bank account, but less than 25% have saved money in the past year and less than 15% have saved money in a financial institution. These numbers are even lower for youth (aged 15-24) and women, further emphasizing the need for initiatives that promote active savings and financial resilience building, especially among low-income and underserved communities.
Using artificial intelligence, behavioral science and individual and group incentives, the partnership will promote financial security by rewarding SSFB’s new and existing clients to achieve their financial goals with confidence. The initiative is expected to surface business-relevant insights about mechanisms to increase account usage, savings rate and financial goal achievement.
DWM’s Partner and Head of Private Equity, Aleem Remtula said, “This program is a transformative step towards developing a financially resilient community through digital innovation for our portfolio company Suryoday Small Finance Bank. We’re excited to see the positive impact it will have on the bank’s clients.”
Vishal Singh, Chief Information Officer & Head Digital Banking of Suryoday Small Finance Bank (SSFB) said, “At SSFB, we have always focused on creating a more engaging and rewarding customer experience that fosters financial well-being. This partnership demonstrates the bank’s commitment to digital innovation and inclusive growth.”
Saathi Money’s Co-Founder & CEO Zahoor Rahimtoola said, “This initiative marks an important milestone to accelerate the shift from financial access to financial resilience. We endeavor to redefine the perception of savings by integrating elements of gamification, community and accessibility into the overall saving experience.”
About Saathi Money
Saathi Money is an innovative neo-banking fintech platform established in 2022 that is on a mission to help people build a positive relationship with money by making savings more accessible, fun and rewarding. Saathi partners with financial institutions to enable and encourage consumers to make smarter financial decisions that lead to their own empowerment through nudge theory and behavioral economics principles.
You can learn more at: https://www.saathi.money/
About Suryoday Small Finance Bank (SSFB)
Suryoday Small Finance Bank is a new-age, digital-first financial institution in India, focused on serving the underbanked and unbanked segments of the population. Having received the RBI’s final approval to commence operations as a Small Finance Bank, Suryoday started operations as an SFB in 2017. The bank offers a wide range of financial products and services, including savings accounts, fixed deposits, recurring deposits, micro-loans, and digital banking solutions. SSFB is known for its customer-centric approach and emphasis on financial inclusion, leveraging technology to provide accessible and efficient banking services. The bank is committed to delivering a seamless customer experience while promoting financial empowerment across urban and rural areas.
For more information, please visit the Bank’s official website: www.suryodaybank.com
About Developing World Markets (DWM)
Founded in 1994, Developing World Markets seeks investible solutions that sustainably address the social, environmental, and economic needs of the developing world. DWM has over two decades of experience in emerging and frontier markets. Through DWM Asset Management, LLC, the firm’s SEC-registered investment adviser, DWM has originated and managed $2.9 billion of private debt and private equity in impact-oriented enterprises, including over 1,200 loan disbursements and 25 private equity stakes in more than 60 emerging and frontier countries.
You can learn more at: www.dwmarkets.com