How Viva Money is Empowering Middle India with Flexi Loans and Digital Innovation

India FinTech Forum (IFTA) 2024 event, held on December 12th in Mumbai, brought together over 2,000 startups and 40,000 students from 2,000 colleges, creating a vibrant network of innovation and learning. The event highlighted transformative trends in digital lending, fintech, and technology, with industry leaders and stakeholders converging to discuss the future of finance in India.

One of the key highlights of the event was the keynote address by George Donchenko, Managing Director of Viva Money, titled “From Rigid to Agile: The Flexi Loan Revolution.” George delved into the evolving preferences of Indian consumers, emphasizing how flexible loan products are reshaping the personal loan market. He highlighted the fact that the Indian personal loan industry will be projected to reach from 6.61 lakh crore by 2021 to 43.36 lakh crore by 2029. An obvious sign of shifting the trend to flexi loans from traditional personal loan products, which are renowned for their customer-centric features, already made up from 4% in 2021 to 11% in 2024 of the market a clear indicator of the changing trend. “This shift is about meeting consumers where they are and empowering them with solutions that are transparent, adaptable, and fast,” George said, highlighting Viva Money’s role in this transformation.

Viva Money’s achievements in its first year have been significant. With over 5.8 lakh registered users, 34,000 approved applications, and 135 crore disbursed in loans, the company has established itself as a key player in the digital lending landscape. Its innovative offerings, such as credit lines up to 2 lakh, 0% interest for up to 51 days, and flexible EMIs, have been significant in catering to middle India’s financial needs.

Apart from the keynote, George also participated as a moderator in a panel discussion alongside industry leaders, including Ms. AishwaryaJaishankar (Co-Founder and COO, Hyperface), Mr. Sameer Mahajan (Co-Founder and CBO, StrideOne), Mr. AkshayMehrotra (Co-Founder and CEO, Fibe), Mr. SandeshJayarama (Senior Vice President - Strategy, Perfios), and Mr. SwapnilPatil (Product Head, RING & KISSHT), the panel explored crucial questions about financial inclusion, alternative credit models, and the responsible use of technology. Discussions delved into topics such as leveraging UPI and ONDC (Open Network for Digital Commerce) to reach underserved markets, the rise of BNPL(Buy Now, Pay Later) and flexi loans, and the role of alternative data in assessing creditworthiness.

For instance, Mr. SwapnilPatil product head of RING & KISSHT highlighted the importance of digital trust, particularly in Tier 2 and Tier 3 cities, where concerns around data security and transparency remain barriers to adoption. Mr. Sameer Mahajan Co-Founder and CBO, StrideOne emphasized the potential of embedded finance, explaining how integrating lending solutions within platforms like marketplaces can enable seamless financial transactions for small businesses. The conversation also touched on the opportunities presented by AI in underwriting and risk assessment, despite challenges like bias and regulatory constraints.

The panel discussion left the audience with actionable insights and a sense of optimism about the future of digital lending in India. MrAkshayMehrotra Co-Founder and CEO of Fibe noted, “The real opportunity lies in collaboration between banks, fintechs, and regulators to build a platform that prioritizes transparency and customer-centricity.”

IFTA 2024 showcases the innovation driving India’s fintech revolution. Viva Money’s participation underscored its commitment to reshaping digital lending and making financial independence accessible to millions. With a clear vision and persistent drive, the company is poised to create a future-ready financial platform.