What started as an idea eventually transformed into a reality in the life of Nikhilesh Tiwari- CEO and Founder of Spay Technology Private Limited, a Fintech company that focuses on empowering the migrant population and underprivileged section of the Indian economy.
During his professional tenure with Vodafone M-Pesa in the year 2015, Nikhilesh visited several peripheral towns in Bihar such as Sitamarhi, Gopalganj, Bettiah, Motihari, and Siwan where he witnessed the challenges faced by common villagers who had no access to bank accounts or any such medium that would enable them to send or receive money. They had to heavily depend on the Gram Panchayat or the village chief for such support, where sometimes they would also become victims of theft and fraud. Even though these challenges existed, there is no form of rehabilitation support that could help bridge the gap for these villagers.
As a first-time entrepreneur, he came up with the idea of developing a mobile payment application to help these people but faced a major investment issue. With the help of his business partner and co-founder Sunil Dhawan, he found a trustworthy professional which led to the formation of Spay Technology Pvt. Ltd. in 2018.
Nikhilesh shares, “Our idea was to establish a transparency-focussed digital investment platform for the customers which is driven by technology. Today, Spay Technology caters to a number of services such as Money transfers, Aadhaar Enabled Payment System, Bill payments, Recharge, travel bookings, Insurance, etc., through which we are able to reach out to various geographies and provide a hassle-free platform for financial services. Our network of agents are the core backbone that ensures to provide the best of the services to the consumers”.
'Spay Technology' remittance portal 'Spay India' enables money transfer for even non-bank account holders and works as a hub for other financial services. Additionally, it also provides AEPS (Aadhaar Enabled Payment System) to make the process even more efficient and secure.
Nikhilesh envisioned to develop a solution that would assist every underserved segment of the population and help them lead a hassle-free life. Today, as they bring these solutions to the doorstep of consumers, the company’s growth matrix is an established success story that is worth more than $500 million.
The organization has also received appreciation from the Government of India for its contribution towards developing a resilient nation. Nikhilesh has also received several accolades such as Young and Dynamic Entrepreneur of the Year by India Iconic Awards 2021-2022; Iconic CEO of the year 2021-22; Times 40 Under 40 Achiever by Bollywood personality, Mr. Sonu Sood; Influential leader of India 2022 by Marksmen Daily; Times Leading Entrepreneur by Times Ascent fromMr. Gulshan Grover; and Times Achievers 2022 by Mr. Anees Bazmee. He along with his venture has also been featured in renowned media platforms such as India Forbes, CEO magazine, CIO magazine, Zee Business, ET NOW, Hindustan Times, TIM, and Business Today – as one of the Top 10 unstoppable business leaders of 2022
.https://spayindia.com/
