CFOtech India - Technology news for CFOs & financial decision-makers
Story image
Dvara Money & Jana SFB partnership to boost digital banking in Bharat
Wed, 6th Mar 2024

Dvara Money (DM), a burgeoning tech-centric financial solutions platform, has recently revealed an exciting strategic collaboration with Jana Small Finance Bank. This partnership is designed to leverage Dvara Money's innovative Spark Money application with the advanced technological capabilities provided by Jana SFB to enhance Bharat's digital banking.

The partnership significantly emphasises the usage of third-party application providers' (TPAP) capabilities. TPAP will facilitate the integration of a fully-fledged Unified Payments Interface solution into the Spark Money platform. This integration is expected to enable customers to connect their savings accounts for transactions digitally, creating an effortless and seamless digital transaction experience.

Pramod Ghorpade, the Co-Founder, Managing Director, and CEO of Dvara Money, expressed excitement about the collaboration with Jana Small Finance Bank. With Dvara Money's Spark Money platform already serving a substantial customer base, this collaboration aims to deliver a more personalised and efficient banking experience. He said, "Our alliance with Jana Small Finance Bank marks a key moment in enhancing the digital banking experience for our Bharat segment."

Ghorpade continued, "With the Spark Money platform already servicing over 250,000 customers and more than 200 MSMEs, this partnership will allow us to offer an even more personalised and efficient banking experience, tailored to meet the varied needs of our customers and provide solutions which customers want at their time, their way, and at their location."

The collaboration also aims to simplify the process of opening a savings account. Adopting Video KYC into the Spark Money platform will promote the do-it-yourself approach to the existing assisted onboarding process onto the platform. This step could expand the geographies and user base the Spark Money platform could serve.

Adding his views on the collaboration, Ashish Gopal Saxena, Chief Information and Digital Officer at Jana Small Finance Bank enthused, "We are thrilled to partner with Dvara Money, as our collective efforts are set to make banking more accessible and structured around the user, with technology integration serving as a key element to ensuring a smooth, efficient experience for our customers."

This joint effort between Dvara Money and Jana Small Finance Bank is an important milestone in co-creating a banking environment that caters to the varied requirements of Bharat's diverse customer base. It signifies a giant leap towards fulfilling Dvara Money's long-held vision of enabling financial wellness for the Bharat segment. By offering a holistic banking experience that is simple and bespoke and offers products tailored to its customers' needs, this collaboration is expected to enhance the financial journeys of Dvara's customers.