Niyogin's vision is to empower (niyogin means "empower" in Sanskrit) microand small eneterprises (MSME) in the country through a state-of-the-art digital platformwhich enables access to relevant services & products (both financial andnon-financial) to grow their business and effectively operate in the fast changing digitalworld that is the future. We have started our journey by focusing on streamlining accessto an explicit requirement formalised access to credit. We have receivedencouraging response to platform adoption as we take the digital empowerment to Tier 2 andTier 3 cities in India and what is deeply resonating with us is the impact we are creatingby empowering these small and micro businesses and local entrepreneurs for continuedgrowth and success.
To address this vastly underserved market of small businesses in small centers Niyoginhas a differentiated platform approach with a proprietary distribution model of thenetwork of finance professionals. This "phygital" business model is an industryfirst among fintech's that gives us deep distribution local footprint relationshipsand digital processing capability. This in effect allows us to create a heterogeneousecosystem of products and services delivered over technology platform for the smallbusinesses anywhere all powered by Niyogin. We have an open approach to partnershipswhere a variety of best in class partners can leverage our open stack technologyarchitecture custom product capabilities and deep distribution. Our model has highembedded operating leverage is capital efficient and is very scalable as our distributionled platform approach allows us to deliver a small business-centric ecosystem withmulti-dimensional product stack beyond just credit.
FY19 has been an exciting year as we achieved tech platform stability took first stepstowards building and embedding our distribution network and started our journey in twoadditional business lines of direct digital and partnerships. Our model is attractive to avariety of partners ranging from distribution product and financing partners looking toaccess our platform capabilities. We added 4 new partnerships in FY19. Our payments-basedpartnership is helping us accelerate our mission to drive financial inclusion withtechnology (POS) based underwriting. In our first full year of operations we made rapidprogress as we on-boarded 612 partners disbursed ##Rs##615M (USD8.8M) of loans and had434 customers on record. Credit was our entry product into this ecosystem and we took ourfirst step towards product stack expansion beyond credit with the acquisition of a digitalwealth platform Moneyfront. We are driving financial inclusion especially forlocal entrepreneurs beyond metros and have started making investments in specialisedunderwriting for new to credit (NTC) customers. In FY19 we launched the initiative ofNiyogin managed microsites that are creating a digital impact for our partners'businesses.
The focus in FY20 remains on expanding our distribution and building scale across thebusiness lines. Our strategic priorities for FY20 include a 3X expansion of our retailpartner distribution network new products and scaling our partnerships. Our partnerdistribution network is naturally geared towards the underserved markets beyond Tier-Icities which gives us a unique reach and creates exciting opportunities for us to take thebest in class products to underserved markets via our platform. Our open approach topartnerships remains a focus area and we expect quality addition to partnerships acrossdistribution product and financiers.
Our FY2019 results are detailed in this annual report and demonstrate the strongunderlying trends of business model and execution. I thank each one of the stakeholderswho continue to contribute towards building a best in class micro and smallbusiness-centric fintech platform. I feel a sense of excitement at the numerousopportunities ahead of us and our ability to create an impact.
Thank you for your support and look forward to our continuing engagement in our journeyto be India's premier MSME focused fintech organization.
Niyogin Fintech Limited