Spice Money
 | |
| Company type | Public |
|---|---|
| Industry | Fintech |
| Founded | 2000 |
| Founder | Dilip Modi |
| Headquarters | Noida , India |
Key people | Sanjeev Kumar (executive director & CEO) Rajneesh Arora (chief product & strategy officer) |
| Parent | DiGiSPICE Technologies |
| Website | spicemoney |
Spice Money Limited (SML) is an Indian rural fintech and digital services company headquartered in Noida, India.[1] It was founded in 2000 by Dilip Modi, the chairman and group CEO of DiGiSPICE Technologies. SML operates as a subsidiary of DiGiSPICE Technologies.[2] It engages local individuals, known as Adhikaris, to assist customers with their banking requirements.[3] As of 2021, SML reportedly had a network of over a million Adhikaris on its platform.[4]
History
Spice Money began its operations as a digital wallet under the name Spice Digital Limited.[5] Later, the company expanded into ticketing, bill payment, banking, and micro ATM services.[6][7] It operates as a wholly-owned subsidiary of Digispice Technologies.[8] In 2014, SML established a partnership with IRCTC for ticket booking and collaborated with YES Bank to enable Domestic Money Transfer. In 2017, the company introduced its micro ATM and bill pay services, followed by the mPOS service in 2018, which earned Spice Money the NPCI National Payments Excellence Award.[9] In January 2018, its parent company, Spice Digital, received its final license from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU) within the Bharat Bill Payment System (BBPS).[10]
In 2020, the company launched a no-cost proposition to assist nanopreneurs with onboarding. This initiative aimed to provide support to entrepreneurs in rural and semi-urban regions, enabling them to introduce new products, including insurance, loans, and assisted e-commerce.[11] In August 2021, Spice Money announced that it had established an ATM network with 1 lakh micro-ATMs operating across rural India.[6]
In September 2023, a strategic partnership was formed with Grameen Foundation for Social Impact (GFSI) India, a non-profit organization supporting underserved communities.[12] Spice Money also partnered with NSDL Payments Bank and Axis Bank, enabling the opening of zero-balance savings or current accounts for rural citizens through its Adhikari platform.[13]
See also
References
- ^ "Spice Money optimising unit economics in ATM, Payments, and Collection says Dilip Modi". The Economic Times. Retrieved 4 March 2024.
- ^ "Spice Money: Changing the way Bharat banks". Financialexpress. 12 December 2022. Retrieved 4 March 2024.
- ^ P, Suraksha (8 December 2022). "Spice Money to offer B2B transactions on ONDC next quarter". The Economic Times. ISSN 0013-0389. Retrieved 4 March 2024.
- ^ "Fintech platform Spice Money partners BCG to improve its rural reach". The Times of India. 11 May 2023. ISSN 0971-8257. Retrieved 4 March 2024.
- ^ Ambre, Ashna (9 September 2014). "Spice Digital picks up 26% stake in Vavia Technologies". mint. Retrieved 4 March 2024.
- ^ a b "Spice Money deploys 1 lakh micro ATMs in rural India". mint. 17 August 2021. Retrieved 4 March 2024.
- ^ Surabhi (3 June 2021). "Spice Money looks to expand beyond payments, scale up network". BusinessLine. Retrieved 4 March 2024.
- ^ Mohan, Raghu (11 September 2022). "Ours is more than a business correspondent model: Spice Money's Dilip Modi". Business Standard.
- ^ "Spice Money : Bolstering India' S Digital Payments Industry". CIOTechOutlook. Retrieved 4 March 2024.
- ^ R, Venkatesan (26 August 2017). "Spice Digital gets RBI licence to operate under BBPS". BusinessLine. Retrieved 4 March 2024.
- ^ "Spice Money's Micro ATM: How Noida-based FinTech company is helping small merchants". DNA India. Retrieved 4 March 2024.
- ^ "Spice Money partners with Grameen Foundation India to upskill women entrepreneurs for financial inclusion". Financialexpress. 12 September 2023. Retrieved 4 March 2024.
- ^ "Spice Money taps NSDL Payments Bank to offer zero balance accounts to rural India". fintechfutures. Retrieved 4 March 2024.
