Spice Money a Rural fintech firm is looking to grow beyond payments into other financial products and scale up its network. Dilip Modi, founder, Spice Money, says that the company wants to go beyond just payments to other financial products like credit, savings, and insurance. As it is a tech platform, Spice Money is also being leveraged by manufacturers for developing digital products around mobile, health, education, and jobs, which can be integrated into the platform.

Many customers are now using the platform for booking online medical consultations. E-commerce companies are also using the platform to order books, deliver goods, and collect cash. According to Modi, the objective of spice money is to bring people in the rural areas on to formal financial fold. He said that spice money is working on multiple products with different companies. He further stated that in the last six months, the company has onboarded a large number of businesses, and has seen an increase in overall transactions on the platform. He said that customers are also going for payment products like bill payments and recharge apart from cash withdrawals and deposits.

With the start of the second wave of the pandemic in April 2021, AePS transactions on Spice Money registered a record high of Rs 100 crore daily. Modi said that in the last 12-18 months, he has seen three to three and a half times growth in the number of transactions and gross transaction value. The company currently serves about 2.5 crore customers per month but wants to scale it up to 10 crores over some time. It has also onboarded 2.36 lakh Adhikaris or rural entrepreneurs since March 2020 with 1.3 lakh Adhikaris joining the Spice Money network in the last quarter, taking the number of Adhikaris to 5.37 lakh in March 2021.