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 customized 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.”
