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Spice Money promotes two executives as Co-founders
Photo Credit: Thinkstock

Spice Money, the the rural fintech arm of DiGispice Technologies Ltd, has promoted Sanjeev Kumar from his earlier role of CEO to Co-founder & CEO, the company said in a statement.

The firm has also elevated Rajneesh Arora, who has previously worked as the chief innovation and strategy officer, to Co-founder & Chief Product & Strategy Officer.

In the new role, Kumar will be responsible for driving the company’s strategic business plan, while Arora will work closely with the Product and Strategy teams to deliver unique experiences to Spice Money’s partners and end-users. Both of them will be supported by a team of next-in-line leaders with expertise in different verticals, the company added in the statement.

In April this year, Kumar was promoted as the CEO from a chief growth officer. He had joined Spice Money last year from Jio Payments Bank, where he headed the sales and distribution division.  

Spice Money said it has scaled in the past year, with its 8,00,000 Adhikari (merchants /entrepreneurs) network, and its micro-ATM network crossing over a lakh. The company has witnessed a year-on-year growth of 127% in its gross transaction value, it added.

At present, Spice Money has over 700 employees and it has recently been awarded the ‘Great Place to Work’ Certification.

"I founded Spice Money with a vision to digitally and financially empower rural India. I am grateful to have found partners in our senior leaders at Spice Money, who understand and share this vision. We want to encourage an entrepreneurial culture through this co-founder approach and I am confident that our momentum will be continued and accelerated," said Dilip Modi, Founder, Spice Money.

The fintech company has over 8 lakh merchants/nanopreneurs offering cash deposits, Aadhar enabled payment system for cash withdrawal, mini-ATM, insurance, loans, bill payments, cash collection centres for customers, agents, representatives of the non-banking financial company(NBFC) and Banks, among other services. Their services are available through Spice Money App (Adhikari App) and web portal. It claims to serve over 20 million customers every month.

Last year, Bollywood actor Sonu Sood had picked up a minority stake in the company and also became its brand ambassador.

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