Dvara Money's 'Spark Account' onboards 15,000+ gig workers in just 3 months
Spark Money platform was launched in June 2022, in partnership with Fino Payments Bank
Spark Account is the country’s first financial platform that exclusively caters to the over 300 million gig economy workforce
BENGALURU, India, Nov. 8, 2022 /PRNewswire/ — Achieving a major milestone since its launch in June 2022, Dvara Money’s `Spark Account’ has onboarded 15,000+ gig workers across 20 different states. The Spark Account, part of the Spark Money Platform, was launched in partnership with Fino Payments Bank as the prepaid account banking partner/issuer and M2P Fintech as the technology service provider. Spark Money aims to be a way of life for the 300 million gig economy workforce by offering an all-in-one account that provides a simple, secure, and trusted platform that leverages data science, behavioural science, and technologies to deliver a tailored financial offering for the Urban Bharat.
Catering to India’s growing urban gig-economy workforce, Spark Money is engineered to provide customer-centric services and enhance the gig workforce’s financial wellness. By opening an account, the customer gets instant access to a zero-balance prepaid account without the need to maintain a minimum balance. The account holder can save in gold or mutual funds, manage their insurance, apply for low-interest credit, or file their ITR return, among other services that the one account enables. Customers will also get a free customised Spark Card that they can use in ATMs or for shopping.
“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,” said Pramod Ghorpade, MD, CEO of Dvara Money
Terming the association an opportunity to provide digital banking experience to the new age workforce, Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, “With the rising smartphone usage and data consumption, especially in the gig economy, there is a need to provide relevant and convenient banking services to the financially excluded people in urban areas. As a financial inclusion pioneer and a leading payments bank catering to this specific segment across the country, we are pleased to associate with Dvara Money and M2P Fintech who share our vision of universal banking access. Our joint endeavour through Spark Money is to develop innovative offerings that help improve customer engagement, increase banking adoption and enhance user experience.“
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 community neobank that offers financial products to the needy and the financially excluded by leveraging technology and deep customer insights. It offers personalised nudges created based on data driven behavioural science pushed to the customers at the correct time to help customers. Using ‘Spark Money’, a mobile platform, the company weaves together a customised bouquet of financial products across savings, loans, insurance, investments, and tax, helping chart a path towards financial wellness for customers in a user-friendly manner.
Dvara Money is a portfolio company of Dvara Holdings (formerly Dvara Trust) and part of the Dvara Venture Studio cohort that supports entrepreneurs working towards large-scale systemic change in financial inclusion. Dvara Holdings has been pioneering initiatives that have impacted the financial lives of millions of low-income households in India through policy research and investing in/supporting commercial efforts where there is a significant market gap.
Website: https://www.dvaramoney.com
About Fino Payments Bank Limited
Fino Payments Bank is a fully owned subsidiary of Fino Paytech which had last raised funds in 2016. Fino Paytech is backed by marquee investors like Bharat Petroleum, ICICI group,
Blackstone, IFC, Intel and LIC among others. Frugal innovation is the key that has given the fintech a leadership position at the middle of the pyramid which primarily constitutes emerging India customers. The Mumbai-based fintech operates on an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial relationships.
Website: https://www.finobank.com/
About M2P Fintech
Founded in 2014 by industry insiders with a passion for all things fintech, M2P has been at the forefront of enabling the future of fintech through cutting-edge APIs, best in technology integration, settlement, and operational support.
Website: https://m2pfintech.com/
