Banks, fintechs roll out special products for influencers as creator economy grows

India’s largest lender by market value HDFC Bank, Razorpay and Wyld, among others, are offering special products, ranging from basic bank accounts and loans and cash-back cards targeting creators who have erratic incomes and little credit history.

“As creators, especially emerging ones, a lion’s share of our income comes when we receive payments on brand promotions and that is very irregular and unpredictable. Based on that sort of income, it gets difficult to get a credit card; also it leads to Cibil scores being low," said Anubhav Singh, a budding fashion influencer with 9,351 followers on his Instagram handle @_anubhavshingh_. “There is a need for banks to realize that creators can get bigger on social media and earn a lot of money very quickly and give us banking solutions in the right time."

The financial services sector is targeting the growing potential of the creator economy. According to an April report by EY, India’s influencers industry is poised to grow from ₹2,344 crore in 2024 to ₹3,375 crore in 2026. About 12% of the creators earn in the range of ₹1-10 lakh annually, according to the report, and 86% expect over 10% increase in their income over the next two years.

HDFC Bank's Giga

HDFC Bank has partnered with other fintechs and its insurance and asset management arms to launch Giga, which provides a range of financial services to freelancers, with content creators as one of their target audiences.

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“Freelance workers, including content creators, today have more flexibility and a wider scope of possibilities for work, than ever before," said Sunali Rohra, head of gig banking, startups and government & institutional business at HDFC Bank. “Widespread access of internet and use of smartphones has empowered gig workers."

Giga, a digital-first programme, offers creators specialized savings and current accounts, debit and credit cards, health insurance, flexible investment options, and retail asset products such as business and gold loans.

“Creators are independent business owners, and we support them with all compliances including taxation and payments to ensure ease of doing business," said Shashank Kumar, managing director and co-founder of Razorpay, which has also partnered with HDFC on Giga. “Additionally, we help creators build trust with the brands they collaborate with by offering tools to generate compliant and well-structured invoices."

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Wyld helps influencers

While influencers are only a segment of customers HDFC and its partners are targeting, Wyld, a fintech, is entirely dedicated to helping influencers leverage their social currency to get cashbacks from its partners brands in the lifestyle industry.

Wyld offers prepaid co-branded cards to an exclusive community of users having a public account with over 1,000 followers: basically, influencers. They currently have 15,000 active users, 75% of whom are young budding creators. Card-holders can claim 30-100% cashback on their spending at Wyld’s over 200 partner brands, including Social, The Souled Store and Snitch, after posting about them on their Instagram.

“It is common for payments to be delayed in the influencer marketing industry. In a financial cycle, influencers are always on the bad part of the loop," said Rij Eappen, chief marketing officer of Wyld. Eappen, a luxury lifestyle influencer himself with 229,000 followers on his Instagram handle @kingofclubsin, said the payments are usually received after 60-90 days of the projects.

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“Brand work is just a part of the work that influencers do. On a regular basis, they have to create editorial and creative content, for which they need money handy," Eappen said.

The banking for influencers is still at a nascent stage and more such solutions are expected.

“The banking sector is beginning to acknowledge the financial needs of influencers, signaling a shift towards more inclusive banking services. By 2026, as the influencer industry expands, we can expect a surge in tailored financial solutions," Amiya Swarup, partner, marketing advisory leader, EY. “These changes will address the challenges influencers face, such as fluctuating incomes, offering them the flexibility and support needed."