Bangalore, 22nd May 2023: MyShubhLife has announced its partnership with Spice Money to serve the evolving credit needs of customers. Through its subsidiary Ekagrata Finance, the company will now provide Spice Money customers with easy access to a line of credit via its platform. Spice Money, a subsidiary of DiGiSPICE Technologies, is India’s leading rural fintech revolutionizing the way Bharat Banks, empowering rural merchants/ nanopreneurs, called Spice Money Adhikaris through technology to cater to the digital and financial needs of rural citizens in India.
Through its embedded technology, MyShubhLife will get access to the large customer base of Spice Money and enable those merchants to have quick access to credit with efficient execution. This partnership will serve the entire Spice Money network, comprising more than 10 lakh merchants spread over 95% of the rural pin codes in India, and enable them to access fast and flexible credit to grow their businesses. This partnership is an opportunity for both organizations to realize their shared goal of providing easy access to credit to the unserved sectors.
MyShubhLife has an innovative and robust technology platform that uses data analytics and AI to provide customized products to its clients based on their working capital requirements. Speaking on the partnership Mr. Monish Anand, CEO and Founder MyShubhLife, said, “Collaboration and innovation are very necessary to drive the democratization of credit. This Collaboration will help us achieve our shared goal of making credit more easily accessible and frictionless. By providing a line of credit to the many small and medium businesses, we will help include the sector that has historically been excluded from the formal financial system due to issues such as a lack of documentation and poor or no credit history. We are excited about the opportunities this alliance brings.”
Commenting on the partnership, Mr. Sanjeev Kumar, Co-Founder, Executive Director & CEO at Spice Money, said, “Our aim is to empower the unbanked and underbanked population digitally and financially, providing services to the last mile. Availing credit in rural areas has traditionally been a challenge in Bharat. With this partnership, we aim to provide and solve the problem of credit across the hinterlands of India. Our vast Adhikari network will act as a catalyst for MyShubhLife, helping them reach the remotest corner of India.”
Since its inception, MyShubhLife has been a game changer in achieving digital inclusion in India by providing easy credit to the large segment that was otherwise underserved by leveraging the latest technology. MyShubhLife has recently partnered with companies like MobiKwik and Easy Pay to offer credit to their large base of customers.
Besides offering credit solutions, MyShubhLife has built a complete range of sachet-sized financial products, such as SIPs, E-Gold, Insurance, Bill Payments, E-filing taxes Etc., to provide more contextual offerings to its customers.