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.
Vivify launched FlexSalary in August 2017 and in one year, the company is doing monthly run rate of 25,000 applications. The web traffic on www.FLEXSALARY.com has reached almost 3,00,000 unique visitors. While the initial web traffic / inquires 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 & 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 first generation, Artificial Intelligence (AI) driven proprietary technology platform which relies on machine learning algorithms, FlexSalary is fast become 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 150,000 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. ”
