Spice Money, the indian Fintech Firm that is tranforming the way Bharat banks, announced a alliance with the leading Global Consulting Boston Consulting Group. With this partnership, both the companies aim to fulfill the requirements of the undesereved semi-urban and rural population by setting up a space that serve the digital and financial services needs of the citizen of the rural India.
Apart from the financial, banking and digital services which is provided through an business model, this partnership also focus to develop strategies based on the key asks and needs of rural customers across several divisions like credit, savings and commerce.
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 per cent 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."
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