Spice Money

Spice Money is a leading rural fintech company in India, headquartered in Noida. Founded in 2000 by Dilip Modi, it operates as a subsidiary of DiGiSPICE Technologies. The company focuses on providing a wide range of financial services to underserved populations in rural and semi-urban areas, aiming to enhance financial inclusion.

Key Features and Services

• Financial Services: Spice Money offers various services including:

• Cash deposits and withdrawals

• Bill payments

• Mini ATM services

• Aadhar-enabled payment systems

• Railway ticketing

• Insurance and loans

• Airtime recharge and more.

History and Growth

Spice Money began as a digital wallet under the name Spice Digital Limited and expanded its services over the years. Key milestones include:

• Receiving a Prepaid Instruments License (PPI) from the Reserve Bank of India in 2015.

• Launching micro ATM services in 2017.

• Establishing a network of 100,000 micro ATMs across rural India by August 2021.

• Forming partnerships with organizations like Grameen Foundation for Social Impact and banks to facilitate zero-balance accounts for rural citizens.

Technology and Infrastructure

Spice Money leverages advanced technology to operate its services efficiently:

• It has created a cloud infrastructure that empowers its Adhikari network with various financial products.

• The company is compliant with CMMI Level 3 standards and holds ISO certifications for quality management.

Vision and Impact

Spice Money aims to bridge the gap between the served and unserved populations by making banking services accessible at their doorstep. The company's initiatives are designed to empower local entrepreneurs while promoting financial literacy and inclusion.