: Spice Money partners with Israel’s Tarya for rural tech lending platform #FinanceIndia #StockMarketNEWS #Business New Delhi: Spice Money along with Israel-based fintech player Tarya Group will create

@StockMarketNEWS Thu 02 Sep, 2021

Posted in: #Business #FinanceIndia #StockMarketNEWS

Spice Money partners with Israel’s Tarya for rural tech lending platform #FinanceIndia #StockMarketNEWS #Business
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 US$ 110 billion in 2019 to US$ 350 billion in 2023 on the back of MSMEs’ (Micro, Small and Medium Enterprises) credit demand of an estimated US$ 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 US$ 330 billion, the release said.

“At Spice Money, we serve approximately 2 crores monthly transacting customers on an average, through our seven lakh Adhikari network across semi-urban and rural India,??? Dilip Modi, the founder said.

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.???

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.
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