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Two-third borrowers are below-prime individuals looking for emergency credit line
(Logo: https://mma.prnewswire.com/media/779616/Flexsalary_Logo.jpg )
(Logo: https://mma.prnewswire.com/media/779617/Vivifi_Logo.jpg )
Commenting on the traction gained by FlexSalary since its launch, Anil Pinapala, Founder & CEO, Vivifi India Finance said, "In one year of operations, we have approved over 20,000 FlexSalary accounts with over 1,50,000 app downloads. We are very excited by the acceptance that FlexSalary has gained in the first year of operation amongst non-prime borrowers. Currently, we are fulfilling 15% of the demand for loans with the repayment rate comparable to any prime portfolio. While the acceptance of FlexSalary was anticipated, what is encouraging is the adoption of our product amongst the prime customers, with almost one-third of our current customer base. This signifies the fact that FlexSalary is addressing a latent demand for emergency cash needs. India traditionally has one of the lowest consumer debt penetration at 13% of the GDP even among the emerging markets. This presents a tremendous opportunity to fintech start ups like Vivifi which is committed to bridging this gap by empowering non-prime borrowers with innovative products through our financial inclusion agenda."
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