Home/ News / Spenny to phase out Android, iOS apps by 21 April; recommends withdrawal of funds

Spenny said in a statement on Tuesday that it was phasing out the current Spenny Android and iOS apps by 21 April, 2023. Spenny has also recommended its users to withdraw or migrate of funds. “As part of our future roadmap, we have decided to phase out our current Spenny Android & iOS apps by April 21st, 2023," it said.

“We know that this change may cause inconvenience for you, and we sincerely apologize for that. This was not an easy decision for us, but we believe it is necessary," Spenny has mentioned on its website.

“We want to assure you that all of your funds are completely safe. However, please note that Spenny will no longer be accepting new deposits. We recommend that you withdraw or migrate your investments before the given deadline," said the company in an announcement.

Customers invested in Digital Gold, should sell their gold on the app and redeem their funds and the settlement will take place within a maximum of 7-10 working days. Whereas, customers invested in mutual funds, have two options for managing their investments they can either withdraw their funds from the Spenny app or transfer them to Groww. “Once you've transferred your mutual funds to Groww, you can hold onto them for as long as you want and sell them whenever you like using the Groww app. If you choose to withdraw, you should receive your money within a maximum of 10 working days," Spenny said.

Customers' funds have been invested with Lendbox, a P2P NBFC that is subject to RBI regulation, and will remain invested with them. Starting on April 5th, 2023, they can use Lendbox to instantly access their funds. If customers opt to switch to Lendbox, they will continue to receive the same interest rates of up to 10% annually; this is a unique offer made possible by the Spenny-Lendbox collaboration.

“Note that your funds will be migrated on April 5th and will start reflecting in your Lendbox account from that day onwards. Meanwhile, you don't have to do anything," it said.

Customers can utilize the Spenny app to withdraw their money if they want to. They should expect the funds to be credited to their account in no more than 7 to 10 working days. All products, including Spenny Wise, SIP, and goal-based investing, should no longer have lock-ins. Withdrawals will only be allowed on Lendbox platforms starting on April 5.

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Updated: 21 Mar 2023, 05:32 PM IST
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