Spice money

What Spice money does

Spice Money is an Indian fintech company operating a Business Correspondent-led last-mile financial services network that delivers banking, payments, insurance and credit products to rural and semi-urban India through its network of more than 1.6 million Adhikari agents. The platform reaches approximately 95% of India's pin codes across 2.56 lakh towns and has cumulatively served 150+ million rural customers. The company is a subsidiary of publicly listed DiGiSPICE Technologies Limited (BSE: 517214, NSE: DIGISPICE), headquartered in Noida, India.

The company's core product stack includes the Spice Pay UPI Wallet, Aadhaar Enabled Payment System (AEPS) cash-in/out, domestic money transfer (DMT), Bharat Bill Payment System (BBPS) bill payments, insurance distribution, loan referrals to banks and NBFCs, and B2B cash collection management services. Underlying technology operates under a stack of regulatory authorizations — RBI Prepaid Payment Instrument, BBPS, IRCTC, IRDAI, and AUA/KUA — that together enable a single agent point-of-sale to deliver a wide range of financial products. The platform recorded a peak GTV of Rs 11,485 Crore in March 2025 with approximately 380 lakh customer-level transactions in that month.

Revenue is generated through transaction commissions on AEPS, DMT and bill payments; affiliate and referral fees from partner banks, NBFCs and insurers for credit and insurance product distribution; and B2B cash management service fees. Distribution partners include major Indian banks (Axis, Yes, Kotak, SBI), NBFCs (Muthoot, IIFL, Arohan, Vivriti, Oxyzo, Northern Arc, Poonawalla), and a broad insurance panel (HDFC ERGO, ICICI Lombard, ACKO, Kotak Mahindra Life, ManipalCigna, SBI General, Kotak General). Customer segments span individual rural consumers, merchants, and institutional clients requiring cash collection services.

Name

Spice money

Legal name

Spice Money Limited

Website

https://spicemoney.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Spice Money operates a 1.6 million-strong Adhikari agent network delivering banking, payments, insurance and credit products to 150+ million rural and semi-urban customers across 95% of India's pin codes, as a subsidiary of listed DiGiSPICE Technologies.

Ownership category

akta.pro rank

Product category

Rural Fintech / Assisted Banking Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Services-Computer Processing & Data Preparation (7374)

akta.pro primary industry

Cash-in/Cash-out Agent Network Wallets (FSAMAEAJ)

akta.pro secondary industry

Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE)

Keywords

• Assisted banking services
• Rural fintech platform
• Aadhaar payment system
• UPI digital wallet
• Bill payment services

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Fees - AEPS & Banking Services: Spice Money earns transaction fees from banking services including cash withdrawals, deposits, balance enquiries, and mini statements processed through its AePS network. Adhikaris receive a share of transaction revenue while Spice Money retains a portion.
2. Domestic Money Transfer Commissions: Revenue from money transfer services where Adhikaris facilitate fund transfers for customers, earning commission on each transaction.
3. Bill Payment & Recharge Services: Commissions earned from bill payments (electricity, water, gas), mobile recharges, OTT subscriptions, and FASTag recharges processed through the platform.
4. Loan Distribution Revenue: Partnership with financial institutions (Home Loans, Gold Loans, Two-Wheeler Loans, Personal Loans, Vyapar Loans, UGRO Loans) to facilitate loan applications and processing through the agent network, earning referral or distribution fees.
5. Spice Pay Wallet Services: Revenue from UPI wallet transactions, cash loading services at agent locations, and potential interchange fees on wallet transactions.
6. Insurance Distribution: As an IRDAI Corporate Agency, Spice Money earns commissions from distributing insurance products through its network.
7. Cash Collection Management: Cash collection services for MFIs, logistics companies, and e-commerce partners with up to Rs 4,000 crore turnover managed through the agent network.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels10 records

Core offering

Spice Money operates an AI-powered assisted banking platform that delivers last-mile digital financial services through a network of over 1.6 million Adhikari agents across India. Its product suite centers on the Aadhaar Enabled Payment System (AePS), the Spice Pay UPI-linked Full KYC prepaid wallet, Domestic Money Transfer, mATM cash withdrawal, Aadhaar Pay biometric payments, and Bharat Connect bill payments. The platform enables rural consumers to transact without a bank account, while also serving as a distribution channel for loans, insurance, and cash collection management for institutional partners.

Product overview

Spice Money operates as an AI-powered, human-assisted banking service platform for rural India with a hub-and-spoke architecture. The core platform connects 1.6+ million Adhikari agents who deliver banking services in underserved areas. Key products include: (1) Spice Money Platform - the main AI-led assisted banking network for AEPS, money transfer, and bill payments; (2) Spice Pay - a UPI-enabled wallet and QR payment product that enables digital transactions without requiring a bank account; (3) AePS - the Aadhaar-enabled payment system backbone for biometric authentication; and (4) ancillary services including mATM, Aadhaar Pay, Domestic Money Transfer, Recharge, Loan Services, and Bank Account Opening. The platform serves as a gateway to the next 300 million UPI users in semi-urban and rural India.

Differentiator

Problem solved

Functional benefit

Brands

• Spice Pay: India's New UPI + QR + Wallet Account - a secure, UPI-enabled Full KYC wallet enabling digital payments without a bank account, targeting 20 crore rural Indians.
• Spice Mudra
• Adhikari

Products and services

• Spice Money Platform AI-powered assisted banking platform enabling last-mile digital financial services delivery through a network of over 1.6 million Adhikari agents across India; core platform supporting AEPS, money transfer, bill payments, loan origination, and account opening services.
• Spice Pay India's UPI + QR + Wallet account product, a Full KYC PPI enabling digital payments, bill payments, QR payments, and cash loading even without a bank account; targets 20 crore rural Indians and is NPCI UPI 2.0 and NBBL Bharat Connect certified.
• AePS (Aadhaar Enabled Payment System) India's No.1 AePS network enabling cash deposit, cash withdrawal, balance enquiry, and mini statements using secure Aadhaar-based biometric authentication, allowing banking transactions without a bank card or smartphone.
• Aadhaar Pay Instant biometric-based cashless payment system for merchants and customers using Aadhaar-linked bank accounts, without requiring debit cards or smartphones.
• mATM (Mini ATM) Debit card-based cash withdrawal service at agent locations, enabling customers in underserved areas to access cash through the Adhikari network.
• Domestic Money Transfer (DMT) Quick, secure, and reliable fund transfer service enabling domestic remittances across India through the Adhikari network.
• Bill Payments (Bharat Connect) Assisted bill payment platform for electricity, water, gas bills, mobile recharges, OTT subscriptions, FASTag recharges, and loan EMI payments via the Bharat Connect BBPS network through the agent network and Spice Pay wallet.
• Loan Services Loan distribution and origination in partnership with financial institutions, offering home loans, gold loans, two-wheeler loans, personal loans, Vyapar Loans, and UGRO MSME business loans through the Adhikari network with fully digital processing.
• Cash Collection Management Cash and customer collection management services for MFIs, logistics companies, and e-commerce partners, including loan EMI collection through the Adhikari network; manages up to Rs 4,000 crore in turnover and serves 450+ trusted clients across 17,000+ branches.
• Bank Account Opening Digital savings and current account opening in partnership with Axis Bank and NSDL Payments Bank, with paperless Aadhaar-linked onboarding and zero balance account options for customers in rural and semi-urban India.
• Spice Mudra (Adhikari App) Mobile application for Adhikari agents offering assisted banking services, AEPS, money transfer, bill payments, recharges, and bank account opening on Android via Google Play Store.
• Insurance Distribution Distribution of insurance products (Digit Insurance, Cholamandalam, Chaitanya, Bajaj General Insurance, Symbo Insurtech) through the Adhikari network under Spice Money's IRDAI Corporate Agency license.
• IRCTC Railway Ticket Booking IRCTC ticket booking service operated under Spice Money's IRCTC Principal Agency license through the Adhikari network.

Quantifiable outcome

• 150 million+ rural customers served
• +4 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability4 records

Feature6 records

Partnerships

18 partnerships are on record, tiered core and minor.

• Government of Odisha (Electronics & IT Department)coreStrategic or Co-development Partner · 20 February 2026Spice Money signed an MoU with the Government of Odisha's Electronics & IT Department at the Black Swan Summit Odisha to promote financial inclusion and digital literacy in the state. The partnership is part of the BharatNetra initiative to develop Odisha's fintech, insurtech, and AI ecosystem.
• Global Finance & Technology Network (GFTN)coreStrategic or Co-development Partner · 20 February 2026GFTN, a non-profit established by the Monetary Authority of Singapore, partnered with Spice Money through an MoU at the Black Swan Summit Odisha. GFTN Capital announced a $200 million fund for fintech and insurtech firms in partnership with Japan's SBI Holdings, with India expected to attract significant deployment. The partnership supports startup mentorship and pilot projects.
• Bajaj General InsuranceminorGTM or Marketing Partner · 5 February 2026Spice Money signed an MoU with Bajaj General Insurance during the Black Swan Summit India to provide insurance distribution through the Adhikari network and support startup mentorship programs.
• Symbo InsurtechminorGTM or Marketing Partner · 5 February 2026Partnership with Symbo Insurtech for insurtech solutions and startup support through the Black Swan Summit initiative.
• VayanaminorGTM or Marketing Partner · 5 February 2026MoU signed with Vayana (trade finance company) during Black Swan Summit for startup mentorship and market access.
• Kotak BankcoreChannel Partner/ Reseller/ DistributorBanking partner for account opening services through the Adhikari network. Spice Money enables Kotak Bank customers to open accounts digitally in rural areas.
• Ujjivan BankcoreChannel Partner/ Reseller/ DistributorBanking partner for microfinance and account services, enabling Ujjivan Bank to reach rural customers through the Adhikari network.
• NSDL Payments BankcoreChannel Partner/ Reseller/ DistributorDigital banking partner for instant account opening services. Enables zero-balance account opening with paperless Aadhaar linking.
• AXIS BankcoreChannel Partner/ Reseller/ DistributorBanking partner for assisted banking services and transaction processing through the Spice Money network.
• YES BankcoreChannel Partner/ Reseller/ DistributorBanking partner for transaction services including AEPS and money transfer through the Adhikari network.
• IIFL FinanceminorChannel Partner/ Reseller/ DistributorLoan distribution partner for facilitating personal loans, home loans, and other financial products through the rural network.
• Muthoot FinanceminorChannel Partner/ Reseller/ DistributorGold loan distribution partner enabling Muthoot Finance products to reach rural customers through Adhikaris.
• Arohan GroupminorChannel Partner/ Reseller/ DistributorMicrofinance partner for reaching underserved rural borrowers through the Spice Money network.
• UGRO LoansminorChannel Partner/ Reseller/ DistributorBusiness loan distribution partnership for Vyapar Loans and other MSME credit products.
• Digit InsuranceminorChannel Partner/ Reseller/ DistributorInsurance distribution partner for digital insurance products through the Adhikari network.
• CholamandalamminorChannel Partner/ Reseller/ DistributorInsurance and financial services partner for rural market distribution.
• DelhiveryminorChannel Partner/ Reseller/ DistributorCash collection management services for logistics operations, managing cash flow for delivery payments.
• CMS CommerceminorChannel Partner/ Reseller/ DistributorE-commerce payment and collection services through the Adhikari network.

Scale indicators13 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• PayNearby: PayNearby operates a comparable assisted retail and digital banking agent network across rural and semi-urban India, offering AePS, DMT, BBPS, and lending services through a similar last-mile agent model.
• FINO Payments Bank: FINO Payments Bank runs one of India's largest banking correspondent networks with similar services (AePS, money transfer, bill payments, microfinance), making it a direct functional competitor.
• Eko (IndusInd Bank subsidiary): Eko provides assisted digital financial services through a network of agents offering money transfer, AePS, and bill payments — closely mirroring Spice Money's Adhikari model.

Broad incumbents

• Airtel Payments Bank: Airtel Payments Bank leverages Airtel's telecom distribution and large balance sheet to deliver banking and digital payments to rural India, competing for the same unbanked segment via a broader platform.
• India Post Payments Bank: India Post Payments Bank uses the country's postal network as a financial-services distribution backbone, directly addressing rural financial inclusion with government backing.
• Jio Payments Bank: Jio Payments Bank combines Reliance's retail reach with banking services targeting semi-urban and rural customers, representing a well-capitalized competitor in the assisted banking space.
• Paytm (One97 Communications): Paytm operates a broad digital payments and financial services platform with rural reach through its merchant and consumer apps, overlapping with Spice Money's wallet, BBPS, and lending services.
• PhonePe: PhonePe is one of India's largest UPI-led digital payments platforms with growing financial-services offerings (insurance, lending), competing with Spice Pay for digital wallet users.

Regional players

• Bandhan Bank: Bandhan Bank operates a deep microfinance and BC-led distribution network in eastern and rural India for lending and deposit services, comparable in customer base though not in pure agent-led payments.

Others

• Muthoot Microfin: Muthoot Microfin is a partner-style adjacent player in rural microfinance distribution; it is also a Spice Money lending partner but operates its own BC-style field network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/spicemoneyindia
• YouTubeyoutube.com/channel/UCoYrao7bUqM8v4nI6iUk_Xw
• Facebookfacebook.com/SpiceMoneyOfficial
• LinkedInlinkedin.com/company/spicemoneybharat
• Instagraminstagram.com/spicemoneyofficial

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spice money