Rural fintech firm Spice Money appointed Sonu Sood as its brand ambassador and as a non-executive board member, following he purchased 8,69,030 Class B Equity Shares of Spice Money at a price of INR 10 per share. This amounts to approximately 2% of Spice Money’s present share capital.
Spice Money is a subsidiary company of DiGiSPICE Technologies Limited. It operates a tech-enabled hyperlocal payments network, offering services such as cash deposit, Aadhaar-enabled payments system for cash withdrawal, mini ATMs, insurance, loans, bill payments, cash collection centre for NBFCs and banks as well as ticket bookings and recharge. It also offers PAN card and mPoS related services through the Spice Money App (Adhikari App) and web portal.
The latest infusion would help to design new initiatives and products that will bridge the divide between rural and urban India. Spice Money will also enable select existing programs developed by Sonu Sood during the lockdown, to be made available on the Spice Money platform.