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Spark Money platform was launched in June 2022, in partnership with Fino Payments Bank
Spark Account is the nation’s first monetary platform that solely caters to the over 300 million gig economy workforce
BENGALURU, India, Nov. 8, 2022 /PRNewswire/ — Achieving a serious milestone since its launch in June 2022, Dvara Money’s `Spark Account’ has onboarded 15,000+ gig workers throughout 20 totally different states. The Spark Account, a part of the Spark Money Platform, was launched in partnership with Fino Payments Bank because the pay as you go account banking associate/issuer and M2P Fintech because the expertise service supplier. Spark Money goals to be a lifestyle for the 300 million gig economy workforce by providing an all-in-one account that gives a easy, safe, and trusted platform that leverages knowledge science, behavioural science, and applied sciences to ship a tailor-made monetary providing for the Urban Bharat.
Catering to India’s rising city gig-economy workforce, Spark Money is engineered to supply customer-centric companies and improve the gig workforce’s monetary wellness. By opening an account, the shopper will get immediate entry to a zero-balance pay as you go account with out the necessity to preserve a minimal steadiness. The account holder can save in gold or mutual funds, handle their insurance, apply for low-interest credit score, or file their ITR return, amongst different companies that the one account allows. Customers will even get a free customised Spark Card that they will use in ATMs or for buying.
“Spark Money functions as a trusted financial partner for the hard-working gig economy workforce. Our platform brings financial services to the needy and the financially excluded people with low cost and improved range of services. The Spark Account, an innovative product that is intuitively simple, is a result of a lot of research and insights. The impact the solution brings to our customers is offering them convenience and flexibility to help them make their financial decisions that move them closer towards their goals and aspirations. We are delighted to have partners in Fino Payments Bank as our banking partner and M2P as our tech partner to make our vision of financial inclusion a reality,” mentioned Pramod Ghorpade, MD, CEO of Dvara Money
Terming the affiliation a possibility to supply digital banking expertise to the brand new age workforce, Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank mentioned, (*3*)
Madhusudanan R, Co-Founder and CEO of M2P Fintech, commented, “We’re pleased to be collaborating with Dvara Money and Fino Payments Bank to play a role in their digital transformation journey by staying true to M2P’s founding vision of enabling financial inclusion through our products and platform. With the gig economy and its workforce set to almost triple in the next few years, the need for efficiency, transparency, greater formalisation and financial inclusion are essential. Spark will offer solutions to gig workers who are underbanked to help them navigate and achieve their financial well-being. M2P Fintech brings together capabilities, ecosystem, and skills that will shape new experiences for Dvara Money and its customers.”
About Dvara Money
Dvara Money is a neighborhood neobank that gives monetary merchandise to the needy and the financially excluded by leveraging expertise and deep buyer insights. It presents personalised nudges created primarily based on knowledge pushed behavioural science pushed to the shoppers on the appropriate time to assist clients. Using ‘Spark Money’, a cellular platform, the corporate weaves collectively a personalized bouquet of economic merchandise throughout financial savings, loans, insurance, investments, and tax, serving to chart a path in direction of monetary wellness for purchasers in a user-friendly method.
Dvara Money is a portfolio firm of Dvara Holdings (previously Dvara Trust) and a part of the Dvara Venture Studio cohort that helps entrepreneurs working in direction of large-scale systemic change in monetary inclusion. Dvara Holdings has been pioneering initiatives which have impacted the monetary lives of thousands and thousands of low-income households in India via coverage analysis and investing in/supporting business efforts the place there’s a important market hole.
Website: https://www.dvaramoney.com
About Fino Payments Bank Limited
Fino Payments Bank is a completely owned subsidiary of Fino Paytech which had final raised funds in 2016. Fino Paytech is backed by marquee buyers like Bharat Petroleum, ICICI group,
Blackstone, IFC, Intel and LIC amongst others. Frugal innovation is the important thing that has given the fintech a management place on the center of the pyramid which primarily constitutes rising India clients. The Mumbai-based fintech operates on an asset mild business mannequin that principally depends on charge and fee primarily based revenue generated from service provider community and strategic business relationships.
Website: https://www.finobank.com/
About M2P Fintech
Founded in 2014 by business insiders with a ardour for all issues fintech, M2P has been on the forefront of enabling the way forward for fintech via cutting-edge APIs, finest in expertise integration, settlement, and operational assist.
Website: https://m2pfintech.com/
