FlexPay By Vivifi Wins “Best Financial Inclusion Initiative Of The Year” Award
* The award was presented by Dr. Bhagwat Kharad, Ministry of Finance, GOI
* The ceremony was held in Mumbai, on 26 August 2022
Hyderabad, September 2022: Vivifi India Private Limited, a non-banking finance company registered with the Reserve Bank of India, has won the Best Financial Inclusion Initiative of the Year award for its instant line of credit product, FlexPay. The award was presented by Dr. Bhagwat Kharad, Honorable Union Minister of State for Finance, at an NBFC Awards 2022 with NBFC's tomorrow event held in Mumbai on 26 August 2022.
Vivifi is a non-banking finance company (NBFC) certified by RBI that leverages technology to provide access to credit to customers across India. Vivifi aims to make credit available to the undeserved communities who have so far been excluded from the financial lending landscape. The company strives to create an ecosystem of trust and easy access to credit by providing sachet sized loans to individuals in need, helping build their credit scores and increasing credit limits through regular repayments and making them eligible for larger loans in the future.
Vivifi’s revolutionary product, FlexPay is India's First and Only Personal Emergency Line of Credit that offers instant credit to customers. The app is tailored to provide EMI-free repayment options, not going away from the discipline of repayment, it gives them the flexibilityto decide how much can be repaid in a particular month owing to their financial needs each month. It is the first in the industry to incorporate a video KYC process and is working to extend this to customer registration & on-boarding processes. FlexPay is bridging the gap by offering sachet sized credit in a credit card like structure over the ubiquitous UPI network.Having served customers in over 16,000 pin codes across India, FlexPay has been able to offer credit to Individuals without any other credit option either owing to their employment, income, credit score, social profile, location, or literacy amongst many others. FlexPay has been able to serve over 2,80,000 salaried / self-employed individuals who are accessing credit for short term or medium-term needs. It enables a digital credit card like experience for customers without credit cards and incomes as low as ₹ 4,000 per month
The company has transitioned from a digital-only strategy into a digital plus, focusing on educating the customers to improve their credit worthiness. In a few geographies, they plan to commence physical operations to accelerate branding, customer acquisition and strategic partnership tie-ups across India. Vivifi plans to empower the customers to give them the ability to use credit for their advantage and leverage credit in a way for them to build their credit profile.
Reflecting on winning the award for the ‘Best Financial Inclusion Initiative of the Year,’ Anil Pinapala, Founder & CEO, Vivifi said, “As a company that is focused on expanding credit access by overcoming the limitations of location, literacy, livelihood and legacy. It is a proud moment for FlexPay to be recognized by the esteemed institutions of India and be awarded as the Best Financial Inclusion Initiative of the year.”
About Vivifi
Vivifiwas founded in 2017 by Anil Pinapala (Founder & CEO) and Srinath Kompella (Co-Founder & COO). Headquartered in Hyderabad, the company is a non-banking finance company registered with the Reserve Bank of India. It provides innovative financial products to customers across the entire credit spectrum, leveraging technology and data science with focus on undeserved and unserved customers.
* The ceremony was held in Mumbai, on 26 August 2022
Hyderabad, September 2022: Vivifi India Private Limited, a non-banking finance company registered with the Reserve Bank of India, has won the Best Financial Inclusion Initiative of the Year award for its instant line of credit product, FlexPay. The award was presented by Dr. Bhagwat Kharad, Honorable Union Minister of State for Finance, at an NBFC Awards 2022 with NBFC's tomorrow event held in Mumbai on 26 August 2022.
Vivifi is a non-banking finance company (NBFC) certified by RBI that leverages technology to provide access to credit to customers across India. Vivifi aims to make credit available to the undeserved communities who have so far been excluded from the financial lending landscape. The company strives to create an ecosystem of trust and easy access to credit by providing sachet sized loans to individuals in need, helping build their credit scores and increasing credit limits through regular repayments and making them eligible for larger loans in the future.
Vivifi’s revolutionary product, FlexPay is India's First and Only Personal Emergency Line of Credit that offers instant credit to customers. The app is tailored to provide EMI-free repayment options, not going away from the discipline of repayment, it gives them the flexibilityto decide how much can be repaid in a particular month owing to their financial needs each month. It is the first in the industry to incorporate a video KYC process and is working to extend this to customer registration & on-boarding processes. FlexPay is bridging the gap by offering sachet sized credit in a credit card like structure over the ubiquitous UPI network.Having served customers in over 16,000 pin codes across India, FlexPay has been able to offer credit to Individuals without any other credit option either owing to their employment, income, credit score, social profile, location, or literacy amongst many others. FlexPay has been able to serve over 2,80,000 salaried / self-employed individuals who are accessing credit for short term or medium-term needs. It enables a digital credit card like experience for customers without credit cards and incomes as low as ₹ 4,000 per month
The company has transitioned from a digital-only strategy into a digital plus, focusing on educating the customers to improve their credit worthiness. In a few geographies, they plan to commence physical operations to accelerate branding, customer acquisition and strategic partnership tie-ups across India. Vivifi plans to empower the customers to give them the ability to use credit for their advantage and leverage credit in a way for them to build their credit profile.
Reflecting on winning the award for the ‘Best Financial Inclusion Initiative of the Year,’ Anil Pinapala, Founder & CEO, Vivifi said, “As a company that is focused on expanding credit access by overcoming the limitations of location, literacy, livelihood and legacy. It is a proud moment for FlexPay to be recognized by the esteemed institutions of India and be awarded as the Best Financial Inclusion Initiative of the year.”
About Vivifi
Vivifiwas founded in 2017 by Anil Pinapala (Founder & CEO) and Srinath Kompella (Co-Founder & COO). Headquartered in Hyderabad, the company is a non-banking finance company registered with the Reserve Bank of India. It provides innovative financial products to customers across the entire credit spectrum, leveraging technology and data science with focus on undeserved and unserved customers.