Spice Money, Israel’s Taraya Fintech to jointly set up Digital lending platform

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Mumbai : Rural fintech company Spice Money on Tuesday said it has entered into a joint venture with Tarya group, Israel’s leading fintech player with 70% P2P market-share in Israel, to bring Bharat to the fore of the ongoing data-led digital revolution by launching a lend-tech platform targeted towards rural India. The synergy between Tarya Fintech and Spice Money will lead to the creation of an innovative, agile, assisted and technologically superior digital lending platform. The JV aims to fill the credit gap in India by offering underserved and underbanked rural India a convenient platform to access credit easily with minimal documentation. This platform will address challenges that have kept rural India financially excluded such as lack of data, limited access and unviable unit economics.

This new JV would step in with a community lending model enabling rural borrowers to access credit on a digitised assisted platform quickly and seamlessly. The digital lending market in India is expected to grow from $110 billion in 2019 to $350 billion in 2023 on the back of MSMEs’ credit demand of estimated $490 billion along with the increased internet penetration.

“At Spice Money, we serve approx. 20 million monthly transacting customers on an average, through our 7 Lakh Adhikari network across semi urban and rural India. This has helped us observe the multiple financial needs of rural India and the key role that far-reaching technology can play in fulfilling these needs. There is a data and digital-led revolution in financial inclusion waiting to happen in India. Through our joint venture with Tarya, we are confident that we will play an integral role in this revolution in the interiors of our country.” He also added, “One of the major demands has been access to easy loans. Accessible and timely credit is important for the growth of rural India. We have partnered with Tarya to bring in financial inclusion by empowering rural borrowers with access to easy credit. This will further financial freedom in Bharat and lead to overall national development” Dilip Modi, Founder, Spice Money, said.

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