Q4 2020

www.wealthandfinance-news.com 6 Wealth & Finance International - Q4 2020 VIVIFI: A Creditable Success The issue of credit is one that affects many people, limiting them from being included in the financial system. At VIVIFI India Finance Private Limited, the aim has been to change this and open the market to all. Having achieved success in Wealth and Finance International’s FinTech Awards 2020, where they were named as Fintech Start-Up of the Year 2020 - Southern India, we take another look at this impressive firm to see just what they have to offer their clients. Founded by technocrats and career bankers, the team at VIVIFI have a great deal of experience, all of which is targeted at providing credit to those across the credit system. For a country that is made of 1.3 billion people, large sections of the populations have been totally left out of the credit system. The team behind VIVIFI have a vision of an India where credit is available to all those who deserve it, regardless of location, literacy, income and credit history. For the underserved, they offer an unsecured line of credit that allows people to finance their dreams. The company was set up with the objective of doing business as a non-banking finance company (NBFC) in the unsecured retail consumer lending segment, and has worked tirelessly in this direction for the last three years. Fully self-funded and bootstrapped, with its own platform and lending capital, the team has gone to achieve incredible success. Already the team have been able to disburse over 200 crores. The potential of the firm has grown quickly as more people have learned about it, with the team receiving over 1 lakh applications every month and holding 65,000 active customers. The decision to offer easily accessible financial and loan services without any prejudices or biases and only based on the customer’s ability to repay has been the secret of the team’s success. Based on repayment, the credit limit is increased, and the customer is allowed to progress to a larger loan. As time goes on, these customers will become prime customers for the firm. This is achieved by having a product construct that has a very low payment burden and provides complete flexibility for the customer to pay the entire loan amount or just interest and fees. The challenge for the team, of course, comes from the need to discover and develop these prime-like customers in the non-prime and under-served segments of society. The unique selling point of VIVIFI, however, is the way in which the team always manages to cultivate strong relationships with customers as they receive and repay their credit products. Of course, FinTech allows the team to innovate in other ways too. The team have always practised eKYC, or “electronic Know Your Customer”. This digital verifier of identity gives the team an incredible amount of freedom to focus on what they do best. eKYC allows the team to use contactless, paperless customer on-boarding processes which have obviously proven to be a major perk in the current times. The team at VIVIFI have big ambitions for the future, hoping to expand rapidly to serve even more customers. Over the next four years, they intend to serve at least five million customers, disbursing over 10,000 crores. When you take a moment to consider the pace at which they are currently going, this seems a very reasonable expectation indeed. In all, VIVIFI has achieved success by reaching out to those who are often ignored. Using the latest technological systems, they have made credit something that is accessible, a tool to be used and celebrated. It’s why in the middle of turbulent times, the firm seems set to endure for years to come. Company: VIVIFI India Finance Private Ltd Name: Anil K Pinapala Web Address: www.vivifin.com/index.php Jun20425