Spice Money partners Israel’s Tarya for lending platform for rural customers


PTI, Aug 31, 2021, 5:20 PM IST

New Delhi: Spice Money along with Israel-based fintech player Tarya Group will create a lending platform for rural customers in India.

Spice Money and Tarya Group have entered into a joint venture partnership for launching a lend-tech platform based on a community lending model enabling the rural borrowers to access credit digitally, a release said on Tuesday.

The digital lending market in India is expected to grow from USD 110 billion in 2019 to USD 350 billion in 2023 on the back of MSMEs’ (Micro, Small and Medium Enterprises) credit demand of an estimated USD 490 billion, it added.

The joint venture 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. India’s credit gap is estimated to be over USD 330 billion, the release said.

”At Spice Money, we serve approximately 20 million (2 crores) monthly transacting customers on an average, through our seven 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,” Dilip Modi, Founder of Spice Money, said.

Eyal Elhayany, Founder and Chief Executive Officer of Tarya, said, India has a huge potential for lending technology, especially in rural areas.

”Leveraging Spice Money’s rural fintech expertise and experience, we aim to tap into the unaddressed rural credit gap and make it easy for rural India to get loans for their growth and development,” Elhayany said.

Spice Money offers cash deposits, cash withdrawals, Aadhaar-enabled payment services, insurance, loans, bill payments, cash collection among other services to the rural population through its Adhikari network.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

“Coming soon.. 2025”: KL Rahul and Athiya Shetty announce first pregnancy

Unauthorized bus stops at signals fuel traffic woes and safety concerns

SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt

Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Chikkaballapur: Yoga teacher feigns death by holding her breath, escapes murder bid

World Bunts Summit to be held in Mumbai on December 7

Related Articles More

Sensex, Nifty fall for 2nd day on FII selling; RIL, ICICI Bank major drag

Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision

SC orders liquidation of grounded air carrier Jet Airways’ assets

Home-cooked meals become dearer in October on costlier vegetables

Sensex, Nifty surge over 1 pc on heavy buying in IT stocks as Trump set to win US polls

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

24/7 CT Scan Facility Inaugurated at Dr. TMA Pai Rotary Hospital, Karkala

Bengaluru Police Eye Care Project inaugurated

50-60% cancer cases detected in India annually are preventable, say oncologists

Finance Minister reviews progress of planetarium in Mysuru

Bank fraud: ED seizes jewellery, cash worth over Rs 1 cr in raids against Bhopal-based company, directors

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.