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FinTech NBFC Vivifi India Finance Scores 20,000 FlexSalary' Accounts in First Year of Operations

Business Finance

Press Trust of India  |  HYDERABAD 

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Two-third borrowers are below-prime individuals looking for emergency credit line

Vivifi India Finance Private Limited (Vivifi), one of India's only few fintech non-banking finance companies (NBFC) to provide credit to non-prime borrowers, has achieved major traction across India in first year of its operations. Vivifi's flagship offering, FlexSalary, India's first emergency line of credit for those who need it most but find it difficult to avail the credit, has found takers across major cities and towns in India.

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Vivifi launched FlexSalary in August 2017 and in one year, the company is doing monthly run rate of 25,000 applications. The web traffic on has reached almost 3,00,000 unique visitors. While the initial web traffic/inquiries were from Telangana, the company now receives web traffic and loan applications from across 15 states including Jammu & Kashmir. The top 6 cities from where FlexSalary receives maximum inquiries are Greater Hyderabad, Bangalore, Chennai, Pune, Mumbai and the National Capital Region, with Hyderabad topping the list.

Founded by technocrats Anil PInapala, Srinath Kompella, Mridula Regulagadda, and a career banker Patrick Kishore, Vivifi is India's only fintech NBFC that provides credit to non-prime customers. Non-prime customers usually find it hard to get credit from traditional sources due to limited credit history, low (below prime) credit score and low current income. Powered by the first generation, Artificial Intelligence (AI) driven proprietary technology platform which relies on machine learning algorithms, FlexSalary is fast becoming the lending platform of choice for non-prime borrowers across India.

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."

"The key reason for FlexSalary's success is the simplicity with which vast population of non-prime or near-prime borrowers can avail and repay the loans. These are typically 'new to job', lower salaried consumers who are new to the credit with poor credit scores and don't know who to turn to for their temporary cash-crunch. On the other hand, our robust technology platform deploys various AI-driven algorithms to eliminate fraud, compute the borrower's ability and intent to repay, and predict the best time to collect a loan. This differentiates Vivifi as 100% technology reliant fintech start up NBFC," added Srinath Kompella, Co-founder & COO, Vivifi India.

About Vivifi India Finance Private Limited

Vivifi India Finance Private Limited (Vivifi), a FinTech NBFC (non-banking finance company), offers Innovative Financial Products to customers across the Credit Spectrum with focus on the Under-Served / Unserved Customers. Vivifi's flagship product, FlexSalary is an emergency line of credit that provides unsecured personal loans to under-prime and near-prime salaried class individuals. Users can access FlexSalary through an app and website or through their employers who have tied up with Vivifi. Using our proprietary machine learning-based credit decision model and loan management system, Vivifi goes beyond traditional credit score to provide credit. Founded by technocrats with an experience of building a successful fintech company in the U.S., Vivifi aims to expand financial inclusion agenda. To know more about us, visit

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 05 2018. 14:20 IST