About Spicemoney
Spicemoney is building the digital bank for underserved India.
They started with cash management, giving millions of merchants the ability to accept deposits and withdrawals on behalf of consumers and financial institutions across India's towns and villages. They have since expanded into the full spectrum of financial services.
UPI payments and collections. Credit products: personal loans, merchant loans, gold loans, micro-credits, and special purpose loans. Insurance. Account opening services for partner banks. And their own Payments Bank, one of only a handful of licences issued in India, through which they issue debit cards, UPI-linked accounts, and full banking services to communities that traditional banks do not reach.
Today Spicemoney serves more than 10 million active merchants and over 200 million consumers.
Their mission is to do for underserved India what Revolut has done in the UK and TymeBank has done in South Africa: make the full suite of financial services accessible to everyone, not just those with a branch nearby.
With a Payments Bank licence and RBI-regulated payments infrastructure, the security and compliance obligations that come with that mission are among the most demanding in Indian fintech.
The Pressure Point
Spicemoney is not just a fintech. It is a regulated financial institution.
- RBI's IT Framework defines how their systems, data, access controls, and devices must be managed, continuously, not just at audit time.
- As Spicemoney grew, adding new business lines, new merchant categories, new credit products, new banking services, the complexity of meeting that standard grew with it.
- The security tools they had accumulated over the years had become expensive, overlapping, and difficult to manage: multiple DLP solutions, a separate network access control system, and a SIEM that charged by log ingestion, meaning every new compliance requirement and every new business line made the bill bigger.
- They needed a partner who could build the right architecture, eliminate what was unnecessary, and make what remained genuinely stronger, while ensuring the RBI compliance posture never slipped.
Smarter Architecture: One Platform, Multiple Capabilities
When NxgSecure reviewed Spicemoney's security stack, the opportunity was clear.
They were running separate tools for endpoint data protection, network data protection, cloud application security, and network access control, each with its own management overhead, licensing cost, and operational complexity.
NxgSecure consolidated all of it into a single unified secure connectivity platform.
Internet access controlled centrally. Every request inspected, every policy enforced, every risk category blocked, without managing multiple appliances.
How Spicemoney's teams interact with cloud services governed at the policy layer. Shadow IT visible. Sensitive data protected in transit.
Web, endpoint, and email DLP unified. Sensitive financial and personal data cannot leave the organisation through the browser, through applications, through devices, or through email.
Legacy perimeter-based controls replaced with identity-verified, context-aware access. Every user, every device, every access decision verified before granted.
One platform. Every capability. A fraction of the previous cost.
The network access control system, which had been a significant standalone expense, was eliminated entirely. Its functionality was already built into the new platform.
Identity, Access, and Device Control
NxgSecure is implementing unified identity and device management across Spicemoney's entire organisation, a foundational capability for demonstrating RBI compliance at the identity and access layer.
Every user identity managed centrally. Every device enrolled, monitored, and controlled from one place. Single sign-on across all applications: one credential, one MFA prompt, access to everything the user is authorised for and nothing they are not.
Join, move, and leave workflows automated: access provisioned the moment someone joins, revoked completely the moment they leave. MFA applied consistently across applications, devices, firewalls, and network switches. Wi-Fi authentication managed through the same identity directory, eliminating shared passwords that create security exposure.
Patch management and admin rights removal handled centrally. Remote device access for IT managed securely and auditably, replacing informal tools with a controlled, traceable capability.
This is what RBI's IT Framework compliance looks like in practice, not a checkbox, but a continuously managed identity and device posture that can be demonstrated at any audit.
Privileged Access Management & SIEM
Privileged Access Management
Spicemoney's most critical systems are protected through a dedicated PAM implementation. Privileged credentials vaulted. Passwords rotated automatically. Every privileged session fully auditable.
The most sensitive access in the organisation, to core systems, to financial infrastructure, to customer data, controlled, monitored, and traceable at all times.
SIEM: Detection, Response, and Predictable Cost
Spicemoney's existing SIEM is being replaced with a more capable platform that brings detection, correlation, and automated response together in a single solution.
The new platform moves away from ingestion-based pricing, where every new log source and every new business line increases the bill, to asset-based pricing that remains predictable as the business grows.
Security capability increases. Cost stays controlled. This is what a well-architected SIEM engagement looks like.
Building security that keeps pace with your regulatory obligations and your business.
NxgSecure has managed RBI IT Framework compliance for payments banks and regulated fintechs across India, continuously, not just at audit time.
Human Security & What's Next
NXG-360 Aware: Human Security
Phishing simulation running across the organisation at less than half the cost of their previous solution. Security awareness training keeping the human layer of Spicemoney's compliance posture as strong as the technical one.
Coming Next: AI-Powered Fraud Detection
The next stage of the NxgSecure engagement will bring AI-powered fraud detection to Spicemoney's payments infrastructure, protecting their merchants and consumers from the financial crime that targets platforms at their scale.
Fraud detection built for a platform serving 10 million merchants and 200 million consumers requires a different architecture than generic solutions. That is the next chapter.
The Strategic Partnership
Dilip Modi has built Spicemoney into one of India's most significant financial inclusion platforms. He has also seen what happens when security decisions are made by people with more interest in selling than advising.
"As a Payments Bank operating under RBI, our compliance obligations are among the most demanding in Indian fintech. What NxgSecure brings is rare — they understand the regulatory landscape deeply, they work seamlessly alongside our team, and they consistently find ways to strengthen our security while reducing what we spend. I treat them as a strategic partner, not a vendor."Dilip Modi, Founder & CEO · Spicemoney
NxgSecure is the partner Dilip turns to before any significant security or technology decision is made. Not because they always have the answer immediately. Because they always start with the right question: what does this business actually need?
Five years of that discipline has produced a security posture that is stronger, a compliance position that is continuously maintained, and a technology stack that costs significantly less than it did when the relationship began.
What NxgSecure Delivers
What runs for Spicemoney
- Secure web gateway (SWG)
- Cloud application security (CASB)
- Zero trust network access (ZTNA)
- Web · Endpoint · Email DLP
- Identity and access management
- Single sign-on and MFA
- Device management and control
- Wi-Fi authentication
- Privileged Access Management
- Patch management and admin rights control
- Full infrastructure log coverage
- Real-time threat detection and correlation
- Automated incident response
- Asset-based pricing: predictable as business grows
- Phishing simulation (< half previous cost)
- Security awareness training
- RBI IT Framework: continuous posture maintenance
- DPDP: advisory and controls
- Payments Bank compliance support
- Coming next: AI-powered fraud detection