Spice Money
 | |
| Company type | Public |
|---|---|
| Industry | Fintech |
| Founded | 2000 |
| Founder | Dilip Modi |
| Headquarters | Noida , India |
| Parent | DiGiSPICE Technologies |
| Website | spicemoney |
Spice Money (SML) is an Indian rural financial technology company headquartered in Noida.[1] It was founded in 2000 by Dilip Modi, who serves as the chairman and group CEO of DiGiSPICE Technologies. SML is a subsidiary of DiGiSPICE Technologies.[2][1] It engages with local individuals (Adhikaris) to assist its customers with banking requirements.[3] In 2021, the company reported having more than 13 million Adhikaris on its platform.[4]
History[edit]
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 2017, the company launched 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, Spice Money 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 proposition to assist nanopreneurs with onboarding. This initiative helped entrepreneurs in rural and semi-urban areas by launching products like, AEPS, IRCTC ticketing, Cash Management services (CMS), Lending etc.[11] In August 2021, the company announced the establishment of 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]
Media appearances[edit]
In February 2021, the company launched its brand campaign titled 'Spice Money Toh Life Bani,' featuring Sonu Sood as brand ambassador.[14]
In September 2022, Spice Money was featured in the first episode of The Great Indian Disruptors on Disney+Hotstar, presented by Digital Refresh Networks. Spice Money was featured in ET Now's Leaders of Tomorrow and Zee TV's Naya Bharat Sunehra Amrit Kaal.[15]
Awards[edit]
- 2023: Awarded the SKOCH Award for the Best Fintech Growth Story[16]
Controversy [edit]
In December 2021, the Reserve Bank of India (RBI) imposed a monetary penalty on Spice Money, for non-compliance with norms, as stated in a central bank announcement. Spice Money incurred fines of ₹1 crore.[17]
References[edit]
- ^ a b "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.
- ^ "Actor Sonu Sood picks up stake in BK Modi group firm Spice Money". VCCircle. Retrieved 4 March 2024.
- ^ "Spice Money gets featured in Disney+ Hotstar's 'The Great Indian Disruptors'". MediaBrief. 7 September 2022. Retrieved 4 March 2024.
- ^ "India's Finest in Fintech Conferred SKOCH Award" (PDF). mint.
- ^ "RBI imposes Rs 1 cr fine each on Mobikwik and Spice Money". Business Today. 23 December 2021. Retrieved 22 February 2024.
