‘Indian financial landscape is vast, pluralistic, one-size-fits-all approach does not work’

Aishwarya Jaishankar, co-founder and COO of Hyperface that enables companies to create and manage customised credit card programs, spoke to Business Today about the challenges a woman fintech entrepreneur faces in the male-dominated industry, how the company is revolutionising the fintech sector, the future of fintech, the tech innovations that have come in at play to further advance the ecosystem. Here are the excerpts: 

Business Today (BT): How has been your journey as a woman co-founder in the fintech industry? What are the challenges you see for women in this industry?

Aishwarya Jaishankar (AJ): Leading a start-up can be a lonely journey, more so in the fintech sector, which we all know has traditionally been a male bastion. But my counter to that, and this is what I always tell my incredibly talented women colleagues at Hyperface too – always aim to be the best 'person' at the table - not the best 'woman'. This thinking has always motivated me to push my boundaries and never settle for status quo. 

It also helps to have a partner through this journey who has the same vision and I am fortunate to have found that in my co-founder Ramanathan RV. Lastly, I've found that building a supportive network of mentors and peers has been invaluable, and this is our attempt at Hyperface too - to build a diversified, inclusive environment that rewards meritocracy and ownership over anything else.

BT: How is Hyperface’s innovation revolutionising the fintech sector? What are the unique services or tech Hyperface employs to achieve its goals?

AJ: At Hyperface, we are building the most modern, modular and agile technology stack that is revolutionising user experiences of card customers. We call ourselves the definitive credit cards innovation platform. What is most important is that all these innovations are delivered within the strict guardrails of regulatory compliance – regulations are a moving needle these days with the regulatory environment undergoing swift changes and our product platform is uniquely poised to comply with dynamic, frequently changing regulatory requirements. 

One of our unique services is that we provide tech in customising credit card solutions within no time, thanks to our plug-and-play APIs to meet the unique needs of our clients, including underserved markets. This flexibility allows us to serve a diverse range of clients and address unique market demands.

BT: How did Hyperface help underserved markets gain access to credit card offerings? Please share use cases.

AJ: The Indian fintech ecosystem is ripe for payment innovations on the back of cutting-edge technology and that's exactly where Hyperface comes in! The Indian financial landscape is vast and pluralistic, where a one-size-fits-all approach does not work. As the definitive credit cards innovation platform,we build and deliver customized and hyper-personalized card programs that cater to the specific needs of diverse customer segments, including those that may have been previously underserved, and create rewarding user experiences. 
Take for example, our partner Fab Money. The Fab Money Prepaid Card is India’s First City specific rewards product tailored to meet the aspirations of the burgeoning markets of Tier 2 and Tier 3 cities. Every transaction gives a guaranteed cash back plus hundreds of city-specific offers, All these are powered by our completely modular, API-led tech platform which makes delivery of these rewards instant and seamless, with almost-zero effort to the partner. Our extremely agile, modular and scalable tech platform powers Fab Money to deliver meaningful hyper-local city-specific rewards that resonate with customers.

Undifferentiated products have been a problem even for regular credit card users. We power the AU Lit Credit Card – India’s first customisable credit card that allows users to choose their own features, for how long they want to use them, and only pay for what they use!

BT: What emerging trends do you see shaping the future of fintech, and how is Hyperface positioning itself to adapt and innovate in response to these evolving market dynamics?

AJ: The only constant in fintech is change! Emerging trends, including the emergence of embedded finance, decentralised finance (DeFi), and increased regulatory attention to data protection, are shaping fintech's future. And that’s where Hyperface has a distinct advantage – we are positioning ourselves at the forefront of these trends by continuously investing in R&D and staying agile in our approach. Not only have we built a completely modular and extensive API stack but we are also constantly expanding our API offerings to power a larger spectrum of partner requirements and ensuring that we remain adaptable and responsive to market changes.

BT: How do these innovations enhance the user experience and financial inclusion, especially in regions where traditional banking infrastructure might be limited?

AJ: Our technology is extremely modular and agile. Our plug-and-play APIs allow our partners to innovate and custom-build unique programs that deliver superior value to their end consumers.

For example, the Fab Money product that I just mentioned has many unique features - the offers and discounts are city-specific and hyper-local. Additionally, every transaction gives the customer instant gratification in the form of instant cashback. Their unique currency called 'gems' gives the customer the opportunity to earn and burn their rewards for offers. All these are powered by our proprietary platform called the ‘Smart Benefits Engine’.

BT: Please elaborate on your partnership with Zaggle? How did this partnership provide innovative solutions to users?

AJ: Our partnership with Zaggle enhances their expense management solutions with multi-wallet functionalities, supporting their rapid expansion in the co-branded credit card space through collaborations with leading banks. Hyperface's modular capabilities enable innovative product offerings, delivering superior value to consumers. This strategic alliance leverages Zaggle's expertise in SaaS solutions combined with the Hyperface ‘Credit Cards as a Service’ stack to provide exceptional payment experiences and drive growth in both commercial and consumer card markets, aligning with Zaggle's commitment to offering top-tier financial products and services.