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Dvara Money and Jana Small Finance Bank Partner to facilitate Digital Banking in Bharat with Spark Money

A collaboration that aims to develop the digital banking landscape in Bharat, enhancing user experiences through the Spark Money platform.

Bengaluru, February 27, 2024:  Dvara Money (DM), building a technology-driven financial solutions platform, is excited to announce a strategic partnership with Jana Small Finance Bank Limited (Jana SFB). This collaboration is set to combine DM’s innovative Spark Money platform with the technological capabilities of Jana SFB.

A significant element of this partnership is the Third Party Application Providers (TPAP) capabilities. TPAP will enable the integration of a full-stack UPI solution into the Spark Money platform. This integration will allow customers to connect their savings accounts for payments, facilitating seamless digital transactions. The solution will also enable to offer UPI functionalities like Aadhar OTP-based onboarding and credit on UPI to Dvara’s existing offerings.

Pramod Ghorpade, Co-Founder, MD & CEO, of Dvara Money, expressed enthusiasm about the partnership, saying, “Our alliance with Jana Small Finance Bank marks a key moment in enhancing the digital banking experience for our Bharat segment. 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 personalized 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“.

With this collaboration, DM will use the technological capabilities of Jana SFB to simplify the savings account opening process. The incorporation of Video KYC (VKYC) into the Spark Money platform will add do-it-yourself capabilities to the already active assisted onboarding onto the platform. This will add to the geographies and the user base that the Spark Money platform can serve.

Ashish Gopal Saxena, Chief Information and Digital Officer at Jana Small Finance Bank, added, “We are excited to partner with Dvara Money, as our joint efforts will focus on making banking more accessible and user-centric. Technology integration is a key component in ensuring a smooth, efficient banking experience for our customers.

This collaboration between Dvara Money and Jana SFB is an important milestone in crafting a banking environment that serves the needs of Bharat’s diverse customer base. It represents a significant step towards realizing Dvara Money’s vision of enabling financial wellness for its Bharat segment. By offering a holistic banking experience that is simple and personal, and offering products based on the needs of the customers, this partnership is poised to enhance the financial journeys of Dvara’s customers.

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