Spice Money

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Spice Money Limited (SML)
Company typePublic
IndustryFintech
Founded2000
FounderDilip Modi
Headquarters
Noida
,
India
ParentDiGiSPICE Technologies
Websitespicemoney.com

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[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 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, 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 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]

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]

  1. ^ "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. ^ a b "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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