Rural Fintech Spice Money onboards Boston Consulting Group in its mission to empower semi-urban and rural India with financial inclusion and digital services
New Delhi: Spice Money (subsidiary of DiGiSPICE Technologies), India’s leading rural fintech that is revolutionizing the way Bharat banks, today announced its strategic partnership with Boston Consulting Group (BCG), a leading global consulting firm. By joining forces, Spice Money and BCG aim to cater to the needs of the underserved semi-urban and rural population by building a platform that caters to the digital and financial services needs of the citizens of rural India. In addition to the existing banking, financial and digital services being offered through an assisted model, this collaboration aims to build strategies based on the key asks and requirements of rural customers across various segments like savings, credit and commerce. It is a significant move towards accelerating the progress of emerging India and driving financial inclusion for the last mile.
Sanjeev Kumar, Co-Founder, Executive Director & CEO of Spice Money, said, “Spice Money was built on the foundation that India’s rural economy has exponential opportunities for business and at the same time, it gave us a mission for a greater social cause. Our mission is to empower residents in India’s hinterlands to bridge the financial and digital gap that exists between rural and urban India. Since the onset of the pandemic in 2020 to now, Spice Money has seen a 94% CAGR growth in its Gross Transaction Value. We aim to sustain this unprecedented growth, and therefore, want to capture current revenue pools by pushing operating leverage on the existing platform. At the same time we are looking to build on the rural market opportunities of today, which include credit and savings, while also investing in the disruptive revenue pools of tomorrow to address future rural customer demands. This is where we believe BCG can support Spice Money in the next phase of growth so that we can capture the rural market. BCG will work closely with us to identify the areas that require greater attention, keep up with the demand from rural and emerging India, as well as sharpen our business focus.”
