Spice Money

Last updated

Spice Money Limited (SML)
Company type Public
Industry Fintech
Founded2000
FounderDilip Modi
Headquarters
Noida
,
India
Parent DiGiSPICE Technologies
Website spicemoney.com

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]

Contents

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 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

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

Controversy  

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]

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References

  1. 1 2 "Spice Money optimising unit economics in ATM, Payments, and Collection says Dilip Modi". The Economic Times . Retrieved 4 March 2024.
  2. ↑ "Spice Money: Changing the way Bharat banks". Financialexpress. 12 December 2022. Retrieved 4 March 2024.
  3. ↑ 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.
  4. ↑ "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.
  5. ↑ Ambre, Ashna (9 September 2014). "Spice Digital picks up 26% stake in Vavia Technologies". mint. Retrieved 4 March 2024.
  6. 1 2 "Spice Money deploys 1 lakh micro ATMs in rural India". mint. 17 August 2021. Retrieved 4 March 2024.
  7. ↑ Surabhi (3 June 2021). "Spice Money looks to expand beyond payments, scale up network". BusinessLine. Retrieved 4 March 2024.
  8. ↑ Mohan, Raghu (11 September 2022). "Ours is more than a business correspondent model: Spice Money's Dilip Modi". Business Standard.
  9. ↑ "Spice Money : Bolstering India' S Digital Payments Industry". CIOTechOutlook. Retrieved 4 March 2024.
  10. ↑ R, Venkatesan (26 August 2017). "Spice Digital gets RBI licence to operate under BBPS". BusinessLine. Retrieved 4 March 2024.
  11. ↑ "Spice Money's Micro ATM: How Noida-based FinTech company is helping small merchants". DNA India. Retrieved 4 March 2024.
  12. ↑ "Spice Money partners with Grameen Foundation India to upskill women entrepreneurs for financial inclusion". Financialexpress. 12 September 2023. Retrieved 4 March 2024.
  13. ↑ "Spice Money taps NSDL Payments Bank to offer zero balance accounts to rural India". fintechfutures. Retrieved 4 March 2024.
  14. ↑ "Actor Sonu Sood picks up stake in BK Modi group firm Spice Money". VCCircle. Retrieved 4 March 2024.
  15. ↑ "Spice Money gets featured in Disney+ Hotstar's 'The Great Indian Disruptors'". MediaBrief. 7 September 2022. Retrieved 4 March 2024.
  16. ↑ "India's Finest in Fintech Conferred SKOCH Award" (PDF). mint .
  17. ↑ "RBI imposes Rs 1 cr fine each on Mobikwik and Spice Money". Business Today. 23 December 2021. Retrieved 22 February 2024.
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