Spare8 taps EbixCash’s MoneyWare to power Digital Gold Investment offering

By Gloria Mathias

EbixCash, a subsidiary of Ebix, Inc., an international supplier of on-demand software to the insurance and financial industries, has announced that Spare8, a B2B2C Digital Gold platform, has partnered with EbixCash’s Enterprise SaaS Wealth and Asset Management solution, MoneyWare, to implement Gold Leasing through Spare8’s API driven Digital Gold stack.

The partnership is a leap towards mobilising gold in India and the first of its kind in all of Asia. This collaboration is set to turn heads in the FinTech world, demonstrating EbixCash’s commitment to embracing futuristic digital investment solutions and Spare8’s prowess in disrupting the gold investment sector.

EbixCash Financial Technologies Managing Director, Sachin Seth said, “This partnership is a testament to EbixCash’s vision for the future of digital investments through enterprise SaaS investment platform MoneyWare, which offers its users a diverse and lucrative investment option for their clients, by leveraging Spare8’s unique tech stack.”

Spare8’s Co-Founder & CEO, Ronit Harisingani said, “Most Indians hold gold in some form, either gold bars, coins, jewellery, or digitally. This innovative investment option enables users to lease their digital gold and earn additional interest on the same; this helps first-time investors experience the power of wealth creation and allows users to earn higher returns on their Gold purchased, starting with as little as 0.5 grams.

Partnering with EbixCash MoneyWare opens quality distribution networks for this product, thereby bringing this innovative investment option into the hands of millions of Indians.” added Harisingani.

Spare8 is bringing the entire financial inclusion stack for all through Gold. Their comprehensive ecosystem includes gold buying, selling, leasing, gifting, and physical delivery, all integrated seamlessly through their core APIs, presenting a significant opportunity for businesses to diversify and strengthen their service offerings.

Spare8 is a FinTech startup in the gold space, with investors like 2am VC, Varanium Capital, Magic Fund, Broom Ventures, Incisive Ventures and several others backing them.