Spice Money
{{Short description|Indian rural fintech company}}
{{Use Indian English|date=October 2014}}
{{Use dmy dates|date=October 2014}}
{{Infobox company
| name = Spice Money Limited
| logo = Official logo of Spice Money.png
| type = Public
| industry = Fintech
| founded = 2000
| founder = Dilip Modi
| hq_location_city = Noida
| hq_location_country = India
| services =
| parent = DiGiSPICE Technologies
| website = {{URL|spicemoney.com/}}
}}
Spice Money (SML) is an Indian rural financial services company headquartered in Noida.{{Cite web |title=Spice Money optimising unit economics in ATM, Payments, and Collection says Dilip Modi |url=https://bfsi.economictimes.indiatimes.com/videos/spice-money-optimising-unit-economics-in-atm-payments-and-collection-says-dilip-modi/105972334 |access-date=2024-03-04 |website=The Economic Times |language=en}} 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.{{Cite web |date=2022-12-12 |title=Spice Money: Changing the way Bharat banks |url=https://www.financialexpress.com/business/sme-spice-money-changing-the-way-bharat-banks-2908966/ |access-date=2024-03-04 |website=Financialexpress |language=en}} It provides financial services, such as money transfer, cash deposit, account opening, bill payments, mini ATMs and more services. It engages with local individuals (Adhikari's) to assist its customers with banking requirements.{{Cite news |last=P |first=Suraksha |date=2022-12-08 |title=Spice Money to offer B2B transactions on ONDC next quarter |url=https://economictimes.indiatimes.com/tech/technology/spice-money-to-offer-b2b-transactions-on-ondc-next-quarter/articleshow/96064649.cms?from=mdr |access-date=2024-03-04 |work=The Economic Times |issn=0013-0389}} In 2024, the company reported having 1.4 million Adhikari's on its platform.{{Cite news |date=2023-05-11 |title=Fintech platform Spice Money partners BCG to improve its rural reach |url=https://timesofindia.indiatimes.com/business/india-business/fintech-platform-spice-money-partners-bcg-to-improve-its-rural-reach/articleshow/100154891.cms |access-date=2024-03-04 |work=The Times of India |issn=0971-8257}}
History
Spice Money began its operations as a digital wallet under the name Spice Digital Limited.{{Cite web |last=Ambre |first=Ashna |date=2014-09-09 |title=Spice Digital picks up 26% stake in Vavia Technologies |url=https://www.livemint.com/Companies/BfSBVMu4kRTVUweIdekTcK/Spice-Digital-picks-up-26-stake-in-Vavia-Technologies.html |access-date=2024-03-04 |website=mint |language=en}} Later, the company expanded into ticketing, bill payment, banking, and micro ATM services.{{Cite web |date=2021-08-17 |title=Spice Money deploys 1 lakh micro ATMs in rural India |url=https://www.livemint.com/companies/news/spice-money-deploys-1-lakh-micro-atms-in-rural-india-11629195213600.html |access-date=2024-03-04 |website=mint |language=en}}{{Cite web |last=Surabhi |date=2021-06-03 |title=Spice Money looks to expand beyond payments, scale up network |url=https://www.thehindubusinessline.com/money-and-banking/spice-money-looks-to-expand-beyond-payments-scale-up-network/article34714904.ece |access-date=2024-03-04 |website=BusinessLine |language=en}} It operates as a wholly-owned subsidiary of Digispice Technologies.{{Cite news |last=Mohan |first=Raghu |date=11 September 2022 |title=Ours is more than a business correspondent model: Spice Money's Dilip Modi |url=https://www.business-standard.com/article/finance/ours-is-more-than-a-business-correspondent-model-spice-money-s-dilip-modi-122091100678_1.html |work=Business Standard}} In 2015, Spice Money received license to operate as a PPI from RBI and in 2017, the company launched its micro ATM and bill pay services. This was followed by the mPOS service launch in 2018, which earned Spice Money the NPCI National Payments Excellence Award.{{Cite web |title=Spice Money : Bolstering India' S Digital Payments Industry |url=https://marketing-technology.ciotechoutlook.com/vendor/2019/spice_money |access-date=2024-03-04 |website=CIOTechOutlook |language=en}} 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).{{Cite web |last=R |first=Venkatesan |date=2017-08-26 |title=Spice Digital gets RBI licence to operate under BBPS |url=https://www.thehindubusinessline.com/money-and-banking/spice-digital-gets-rbi-licence-to-operate-under-bbps/article9831691.ece |access-date=2024-03-04 |website=BusinessLine |language=en}}
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.{{Cite web |title=Spice Money's Micro ATM: How Noida-based FinTech company is helping small merchants |url=https://www.dnaindia.com/technology/report-spice-money-s-micro-atm-how-noida-based-fintech-company-is-helping-small-merchants-2766269 |access-date=2024-03-04 |website=DNA India |language=en}} In August 2021, the company announced the establishment of an ATM network with 1 lakh micro-ATMs operating across rural India.
In September 2023, a strategic partnership was formed with Grameen Foundation for Social Impact (GFSI) India, a non-profit organization supporting underserved communities.{{Cite web |date=2023-09-12 |title=Spice Money partners with Grameen Foundation India to upskill women entrepreneurs for financial inclusion |url=https://www.financialexpress.com/business/sme-spice-money-partners-with-grameen-foundation-india-to-upskill-women-entrepreneurs-for-financial-inclusion-3240750/ |access-date=2024-03-04 |website=Financialexpress |language=en}} 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.{{Cite news |title=Spice Money taps NSDL Payments Bank to offer zero balance accounts to rural India |url=https://www.fintechfutures.com/2023/10/spice-money-taps-nsdl-payments-bank-to-offer-zero-balance-accounts-to-rural-india/ |access-date=2024-03-04 |work=fintechfutures}}
Media appearances
In February 2021, the company launched its brand campaign titled 'Spice Money Toh Life Bani,' featuring Sonu Sood as brand ambassador.{{Cite web |title=Actor Sonu Sood picks up stake in BK Modi group firm Spice Money |url=https://www.vccircle.com/actor-sonu-sood-picks-up-stake-in-bk-modi-group-firm-spice-money |access-date=2024-03-04 |website=VCCircle |language=en-US}}
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.{{Cite web |date=2022-09-07 |title=Spice Money gets featured in Disney+ Hotstar's 'The Great Indian Disruptors' |url=https://mediabrief.com/spice-money-gets-featured-in-disney-hotstars-the-great-indian-disruptors/ |access-date=2024-03-04 |website=MediaBrief |language=en-US}}
Awards
- 2023: Awarded the SKOCH Award for the Best Fintech Growth Story{{Cite web |title=India's Finest in Fintech Conferred SKOCH Award |url=https://fintech.skoch.in/images/others/tcs-leads-in-fintech-mint-6th-june-2023.pdf |website=mint}}
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.{{Cite web |date=2021-12-23 |title=RBI imposes Rs 1 cr fine each on Mobikwik and Spice Money |url=https://www.businesstoday.in/industry/banks/story/rbi-imposes-rs-1-cr-fine-each-on-mobikwik-and-spice-money-316633-2021-12-23 |access-date=2024-02-22 |website=Business Today |language=en}}
References
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{{Digital payment providers}}
Category:Technology companies of India
Category:Financial services companies of India
Category:Companies based in Noida
Category:Financial services companies established in 2000
Category:Mobile payments in India
Category:2000 establishments in Uttar Pradesh