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Spice Money and BCG to build financial and digital services platform for India

By Leandra Monteiro

May 10, 2023

  • BCG
  • Boston Consulting Group
  • Digital Financial Services
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Spice MoneySpice Money, an Indian rural-focused FinTech announced its strategic partnership with Boston Consulting Group (BCG), a 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’s mission is to empower residents in India’s hinterlands to bridge the financial and digital gap that exists between rural and urban India. 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.”

With Spice Money’s deep-rooted understanding of the rural market and BCG’s strategic insights, the partnership will help in building resilience and sustainable ecosystem for the growth of rural India. It will do so by focusing on serving the urgent needs of rural customers, creating nanoprenuers, boosting local businesses and industries, thereby bringing them to the digital rail. The partnership builds upon the government’s digital infrastructure initiatives to fuel the country’s growth and contribute towards the government’s vision of a $5 trillion economy.

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