The year 2020 will go down in human history as an unprecedented year with the WorldHealth Organisation (WHO) declaring COVID-19. a pandemic in March 2020 This pandemic hascreated a humanitarian as well as an economic crisis in India and the world at large.However through the time and in every adversity the human race strives to keep movingforward. On one-hand the health workers are tirelessly working to serve humanity while onthe other businesses are trying to adapt to a new reality. This adoption requiresrethinking and retooling for every business and more so for small and medium businesses.Niyogm's vision is to empower micro and small enterprises (MSME) with a state-of-the-artdigital platform. This platform enables access to relevant services & products (bothfinancial and non-financial) to grow and effectively operate in the fast-changing digitalworld that is the future. This future is here and now.
FY2020 was a tough year from an external environment perspective. India went throughsharp deceleration in the GDP growth through all four quarters of the year with a furthershock due to national lockdown and the on-going pandemic. This growth deceleration has hada severe impact particularly on MSMEs. This was a vital year in our journey as a companyas we took both positives and new learning's from our execution that form the foundationof growth. In terms of positives we accelerated our distribution build partnerships andexpanded our product stack with the integration of Money front. We learned the need to bemore specialized in our credit and keep pushing the risk-adjusted yields higher given boththe credit experience and the current operating environment. We are realigning ourstrategy to being fully tech-centric and credit light in the new post-COVlD-19 avatar.
The market opportunity remains vast and Niyogin has a differentiated platform approachwith a proprietary distribution model of the network of finance professionals. This'physical business model is an industry first among fintech's. that gives us deepdistribution local footprint relationships and digital processing capability. As partof the strategy re-alignment we have already begun to leverage this channel to create aheterogeneous ecosystem of products and services- powered by Niyogin.
In FY2020 we made good progress as we ended the year with a registered platformcustomer base of 16627 and our retail partner network expanded to 1.925 ahead of ourfull-year guidance of 1800. We are excited to report that in FY20 our direct wealthplatform business we hit the USD 100M AUM milestone. Credit was our entry product Intothis ecosystem and this year we took our first step towards product stack expansion beyondcredit with the acquisition of a digital wealth platform - Money front. We are drivingfinancial inclusion especially for local entrepreneurs beyond metros and have startedmaking investments in specialized underwriting for new to credit (NTC) customers.
Niyogin's re aligned strategy will be 1) Technology platform-centric. 2) Activelyleverage retail distribution beyond credit 3) Specialized and 4) Capital Efficient.FY2021 will be a pivot year as we embark towards executing on Ibis strategy. We willcontinue to accelerate our distribution channel build and locus on tech-centric productsand delivery mechanisms to scale. We continue to look for domain centric opportunitieswith like-minded founders where we could - build partner or acquire to accelerate thebusiness build. The focus on capital-efficiency remains and we will re-allocate capitalthat is aligned with our vision to create a tech-centric platform for MSMEs.
Our FY2020 results ore detailed in this annual roport and demonstrate the underlyingtrends of business model and execution. I thank each one of the stakeholders who continueto contribute towards building a best In class micro and small business-centric fintechplatform. I feel I he external health event will be transformational for all of us asindividuals as well as businesses and we see numerous opportunities ahead of us. We arerealigning our strategy and investments and we remain confident in our ability to createan impact.
Thank you for your support and look forward to our continuing engagement in our Journeyto be India's premier MSME focused fintech organization.
Non-Executive Chairman and Co-founder Niyogin Fintech Limited