Restructuring The BFSI Sector With Robust Services, The Spay Technology Private Limited Is Providing 360-Degree Solution To Empower The Indian Economy.
Nikhilesh Tiwari- Founder and CEO
India is a developing nation with significant achievements in several sectors since its independence. However, there is still plenty to do, especially for the people who need it the most. It is also essential to say that many organizations have worked on humanitarian grounds and on financial fronts to support or guide these people.
One such organization of our time is Spay Technology Private Limited. This phenomenal fintech company has dedicated its time to empowering the migrant population & other underserved sections of society.
The Indian economy has multiple layers. The lower levels face the most risks in terms of healthcare, financial security, earning, and other healthy lifestyle requirements.
Spay Technology Private Limited is trying to improve the situation by offering retailers and distributors one-step solutions for Banking, Financial Services, and Insurance (BFSI). Their operations include domestic money transfer, AEPS, micro ATM, POS, bill payments, recharges, travel booking, insurance, etc.
Founded in 2018, Spay Technology Private Limited has earned quite a reputation. The company is BCFI accredited, and this further cements its worth. They have achieved all this, by creating technology and distribution networks, as their niche, reaching out to financial services all across India.
There is no denying the fact that there is utmost need for financial services in the daily life of the general public and, more so, for the underserved. And Spay India is here to fill the gaps and provide ultimate solutions to this concern.
Spay India’s entire system and operations are based on their valuable network channel of 30,000+ based in PAN India through which they are into a B2B assisted model of business”.
With the core belief of “Where our consumers need it when they need it & in the manner they need it”, Spay India tries to provide the best possible solution. They have a very reliable network of agents, partnering with whom they can understand their audience better as if speaking the consumer’s language.
Their extensive reach has almost led them to the neighborhood of their consumers, erasing geographical barriers only through their merchants. With all this, they can build a financial platform with no hassles.
The mission is a very intimate matter of any company. Depending on this very goal or mission, the company strives forward and works in the direction to achieve the benchmark. For Spay India, the motto has always been to provide financial assistance to the underserved population residing within the borders of India.
As the world progresses towards a technology-induced, hassle-free life, Spay India dreams of bringing the same ease to each corner of the country. The most important thing about this mission has to be given out to the humanitarian cause and a small step toward equality for all.
Spay India also has a keen vision. They aspire to build the largest Neo banking network. If they can achieve this feat, they will be the ones to contribute to the massive digital change by providing a complete digital banking experience.
Their most notable vision has been to make a significant difference through their services, reaching out to anyone and everyone.
Talk about the services or facilities acquired from Spay India, and there are quite a few to name. They take pride in their unique abilities: Domestic Money Transfer, Aadhar Enabled Payment Services, Micro ATM, POS, bill payments, recharges, travel bookings, insurances, etc.
Nikhilesh Tiwari, the Founder & CEO of Spay Technology Private Limited, started his work life as Sales Officer. He has gathered 16 years of experience in the industry with his sheer will. Mr Tiwari has initially been a field agent for the fintech industry. Under this role, he has contributed by educating, training, and converting numerous telecoms shops into fintech mini banks.
Born and brought up in Kanpur, Uttar Pradesh, Nikhilesh Tiwari moved to the heart of the country, its capital Delhi, to work and begin his career in sales. With hard work and dedication, Nikhilesh quickly rose from the lower ranks, having the opportunity to learn from the ground level to the top. Nikhilesh implemented all the knowledge and skills back on Spay India when he embarked on his entrepreneurial journey.
The journey of Spay India could only commence as digitalisation came into being.
As the dream of Digital India started progressing, like most sectors, financial sectors also needed support in analyzing the whole system and improvising it to the current times and trends. Digitalisation opened up doors for a smooth, easy, digital way of banking, and Spay India helped its client realize this.
Even though Mr Nikhilesh Tiwari had the knowledge and experience to start this venture, he chose to wait for the right time patiently. Finally, in 2018, he took his shot as an entrepreneur and built Spay India, piece by piece.
In 2018, Nikhilesh was working under an organization that was financially struggling. While this could have been a horrible phase of his life, it turned out to be magnificent when he decided to start his venture. This was fortunate that he had planned this whole thing, which needed some bruising.
On short notice, he met with the co-founder of Spay India, Mr Sunil Dhawan. Soon, they embarked on building Spay Technology Private Limited. The want for making money or compete for pride was never part of the initial thought. Instead, they aspired to be the best service provider in the fintech space.
The 16 years of experience coupled with Nikhilesh’s ability to understand the loopholes of the BFSI sectors was an urge to solve problems in this particular area. Mr Nikhilesh understood the void and provided a solution, which has paved the way for Spay India to become the best services in the BSFI industry.
There is no denying that Spay India is different from other companies in some way. For instance, Spay India pay special attention to their improvising user experience under their portal. To allow the best possible user experience, Spay invested heavily in the finest technology, backed by the latest innovations such as Machine Learning and AI Technology.
The digital world has been raving about the vitality of Machine Learning and AI Technology in many dynamic ways, and seamless transaction processing has been noted to be one of its many perks. Spay India has harnessed the swiftness of the latest technology to cater to its network partners.
Nikhilesh Tiwari personally believes in having many definitions of success in his private life. However, the company has been riding on a different success theory entirely.
To Spay, the idea of success comes from generating employment without much pressure and sustainability of a good working culture.
The vision for the company’s future is for recurring growth through these means. This whole process could only be the closest explanation to the success theory that Spay believes in.
The journey of becoming an entrepreneur seems more like a dream come true, especially because Nikhilesh never had any business background. It was almost surreal for him to come from nothing and make it so big in the industry.
Initially, Nikhilesh was considered by others in the industry as more of an underdog. This initially made things harder for him, as he questioned and doubted his experience in the field, especially when dreaming this big.
Quoting the famous saying from Bhagwat Geeta, “one should never lose faith in oneself and follow the path of their karma”, Nikhilesh established his mindset while forging through these troubled times.
And soon enough, the results produced by Spay Technology Private Limited changed the market gradually but consistently and turned the whole table around.
From their starting month to the current times, their persistent growth says all about the company's success. However, the most recent roadblock has been a natural one, with the COVID-19 pandemic, which had them questioning their survival.
However, pulling through tough situations, in the financial year of 2022-23, Spay Technology Private Limited stands over 13,000 crores of annual business.
By the time Nikhilesh wanted to venture with his idea of Spay Technology Private Limited, the fintech industry was already growing, with its demands touching the roof alongside the ever-growing and evolving IT industry. Not to forget that Nikhilesh already had 16 years of experience in the field, which he harnessed to test his limits.
There was a vivid crisis playing out at the time, where big names in the game were consistently collapsing due to lack of management. Fortunately enough, Nikhilesh Tiwari believed to have the solution to the problem, and thus, Spay Technology Private Limited came into existence. The beauty of this organization's story of Spay Technology Private Limited is that it was built in dark times to counter the darkness with hope and light.
Spay India also appointed more strength to their board by on-barding Sourav Mishra and Sachin Kurlekar on their board. Sourav came from a core start-up experience and helped Spay and Nikhilesh building a company of value whereas Sachin came with his 24 years of experience in Sales who contributed in shaping the companies sales mobility.
All this was not achieved overnight, and the financial business that it holds today has been rooted in the company's revenue model. Spay Technology Private Limited earns the majority of the revenue from VAS products. Payment Gateway, Travel, eCommerce, and other services are included among the VAS products provided by the company.
For getting in touch with Spay Technology Private Limited, businesses can visit their offices. The headquarters of Spay Technology Private Limited is located in Noida. They have also recently opened up another office in January 2022.
This new office is located in Andheri East, Mumbai. Spay Technology Private Limited has come a long way from being founded in 2018 to making over 13,000 crores of annual business and establishing two offices in two populated cities of India.
As the Founder & CEO of Spay Technology Private Limited, Nikhilesh Tiwari is only a regular graduate. However, with his experiences in the sales field, he brings core values, models, and strategies from his years working with big fintech companies like mPaisa (Vodafone), Suvidha & Fia Global, etc.
According to company data, Spay Technology Private Limited, with an employee count of 150, has been dedicated to doing business with over 20+ banks and 30+ companies. Spay Technology Private Limited has partnered with and worked with the big names: YES Bank, Axis Bank, Fino, Airtel, ICICI Bank, etc. It is a self-funded company. They are exploring new avenues in the current scenario, such as onboarding fresh investors into their upcoming mega projects.
To look at the surface level, Spay Technology Private Limited is doing almost the same amount of business that major names in the industry are doing. The difference is that they are doing it with almost 1/10th of the investments and team size. This alone proves the sheer level of expertise and diligence of Spay Technology Private Limited.
The personal milestone for Spay Technology Private Limited was to hit 1200 crores by the end of March 2022. This milestone was achieved way before the stipulated time, during the peak of the COVID situation. Spay Technology Private Limited has also hit a gross of 100 crores in 2021-2022. This is another personal feat for the company, achieved in just three years.
Spay Technology Private Limited’s core values lie with its employees and network partners. Since day one, this fond approach by the core team has been why Spay Technology Private Limited has managed to retain its clientele.
Spay Technology Private Limited has never admitted to any shortcuts in achieving the recent standards, nevertheless making it quite big in the industry. Their achievements have to be rooted in their high business ethics, which they have always been enthusiastic about.
The digital scene has given us an insight into two separate India(s) existing together. However, the motto of Spay Technology Private Limited has always been to bridge the gap between the two Indias; the rural part, termed ‘Bharat’, and the urban parts as ‘India’. By understanding the core competency of the market in rural India, Spay Technology Private Limited uses its long-standing experiences to improve the situation.
On the same note, they have longed to deliver “ease of digital banking” to the rural population. The major problem with the dream of Digital India has always been stated to be the literacy rate of the country. Spay Technology Private Limited has devised a model that offers one of the final user experiences, often bypassing the problem of the country's literacy rate to a certain extent.
This approach of Spay Technology Private Limited also comes at a time when the entire industry is gearing up for Neo Banking or branchless banking. While the industry trends are leaning toward Neo Banking for the future, they still need to get one obstacle out of the way.
That is POC for rural India or, as explained before, ‘Bharat’. POC allows some insight into financial services and ease of understanding banking facilities. Spay Technology Private Limited is dedicated to delivering that knowledge to underserved communities.
It is quite understandable that rural India or ‘Bharat’ is quite backward and even hesitant to some extent in terms of confiding to digital platforms, like urban India or the rest of the world, for that matter. Spay Technology Private Limited is all about building trust and confidence among the rural population for digital platforms and financial services.
There is also another thing that Spay Technology Private Limited has been involved with is empowering micro-entrepreneurs. Their model of business has been highly productive for micro-entrepreneurs so far.
The plan for Spay Technology Private Limited is quite extraordinary to begin with. Holding close to a million network channels with exclusive stores for each of them is just the surface of the company's five-year plan. They plan to make all these stores operate as mini banks.
Spay Technology Private Limited aspires to be the torchbearer for the ‘Phygital’ banking space in India. Phygital space is popularly referred to as the concept of using technology to bridge the gap between the digital and the physical world. All this is part of Spay Technology Private Limited’s five-year plan.
Spay Technology Private Limited has a noble vision that has been often discussed. They only focus on their integral vision like other companies making a difference and even leading the same industry. From a B2B service platform, Spay Technology Private Limited is set for launching its B2C application within this financial year only. They also plan to multiply their transactional volume by 3X in the same amount of time.
It would be severely wrong to compare the success with failure, as both have been plenty for Spay Technology Private Limited. However, they have intuitively learned from their past mistakes and endeavored to achieve greatness. In their journey, they quickly learned that the industry is highly volatile and, at the same time, it is also demanding.
Based on the country's sheer size, it is pretty obvious that India demands more and more, especially when it comes to working with retail network firms. Spay Technology Private Limited took the weight of the situation by helping these retail networks earn beyond expectations.
They did it by improvising their business module and relying on an extreme number of VAS products. These VAS products were given away to let the retailers explore the products. This also bred the clients' loyalty, and that is the exact thing Spay Technology Private Limited has been diligently working on.
While in conversation with Mr Nikhilesh Tiwari, the Founder & CEO of Spay Technology Private Limited, he concluded with some advice for young entrepreneurs trying to make a mark in the industry. His first suggestion was to ask young people not to rush anyway and be patient while building a business.
While failures can often be gut-wrenching, it is important to be humble during the time. On the other hand, there should not be an ounce of delicacy while contesting the company’s worth. Competition should always be met with healthy aggression.
Much of the journey of becoming an entrepreneur lies in a selfless approach. It is the basic nature of entrepreneurship to be highly selfless, which also helps the entrepreneur walk on the simple path of giving, and this should not be something that people should not be holding back from.
The entrepreneur should also be appreciative enough of the right people contributing value to the firm and allow financial support and prize under the very capabilities of Spay Technology Private Limited.
Ending the interview with an ardent statement, Nikhilesh Tiwari is confident beyond reasoning that Spay Technology Private Limited is here to stay. Spay Technology Private Limited has established a firm foothold within the industry and the market in four years. Their position is set, and they are keenly looking forward to expanding their territory.
Their motive is to make their and the whole country’s dream of digitalising India. They are also optimistic about becoming the best fintech service provider in the country. And they are close to resting or taking a leap. They only want to move forward with all their enthusiasm and might.
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