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Business News/ Brand Stories / Viva Money Issues 1,000 Loans in 3 Months, Aims for 40,000 by Year-End
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Viva Money Issues 1,000 Loans in 3 Months, Aims for 40,000 by Year-End

This achievement highlights Viva Money's dedication to making financial solutions accessible to all

Viva Money has facilitated over ₹35 million in loans to its mobile app users since its launch.Premium
Viva Money has facilitated over 35 million in loans to its mobile app users since its launch.

Bengaluru-based fintech startup Viva Money, a digital lending platform, is making waves in the Indian financial sector. The company has surpassed a significant milestone, issuing over 1,000 credit lines to customers across the country within just three months of operation since December 2023. This achievement highlights Viva Money's dedication to making financial solutions accessible to all.

Viva Money has facilitated over 35 million in loans to its mobile app users since its launch. The platform’s initial focus is on serving customers in Gujarat and Karnataka, with its remote and paperless loan processing system being a major attraction. Additionally, the flexibility of the credit lines, coupled with a generous grace period of up to 51 days, has positioned Viva Money as a strong contender in India's financial services market.

The platform’s initial focus is on serving customers in Gujarat and Karnataka, with its remote and paperless loan processing system being a major attraction.
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The platform’s initial focus is on serving customers in Gujarat and Karnataka, with its remote and paperless loan processing system being a major attraction.

Currently, credit limits on Viva Money range from 5,000 to 2 lakh, with the average loan amount being 35,000 and a typical borrowing tenure of 5-10 months.

Viva Money's Marketing Manager, Vishal Jain, commented on the achievement, stating, “The phenomenal response we've received since launch validates the growing demand for our services. With over 1,00,000+ app downloads so far, the need for online lending solutions is clear. We are committed to providing exceptional convenience for our customers, empowering them to manage everyday financial challenges with our flexible credit lines. Our focus remains on continuous improvement, expanding our reach, and ensuring a seamless financial experience for our valued users."

Viva Money has ambitious plans for 2024. The company intends to strategically expand its services to encompass additional states across India, with Rajasthan & Maharashtra being the immediate targets. Residents there will soon have access to Viva Money's convenient revolving credit lines. Additionally, the company is planning a series of innovations designed to bolster customer loyalty and enhance the usability of its offerings. These initiatives also include introducing a personalized loan product for repeat customers, offering a higher loan amount of up to 3 lakh and a longer tenure of up to 36 months. Furthermore, Viva Money plans to introduce a scan-and-pay feature, empowering customers to make direct payments to merchants from their loan limit.

By the year's end, Viva Money projects to provide an estimated total of 40,000 credit lineswith an approximate loan book of 1400 million.The company prioritizes speed, innovation, and a customer-centric approach, with the ultimate goal of becoming the most trusted lending partner for its users.

About Viva Money

Viva Money is a digital financial lending platform offering India's 1st Line of Credit with a robust focus on online tech-based proprietary models and data-centric KYC. The company provides a mobile application and website access for borrowers to manage their loan products.

Viva Money is a subsidiary of the holding company Tirona Limited with a head office in Cyprus. Tirona Ltd operates in Europe, Asia, and South America investing in fintech opportunities as well as mature companies in banking and IT. The key investments in Tirona’s portfolio are represented by such companies as 4 finance — the world’s leading digital consumer finance company, and TBI Bank — next-generation digital bank operating in Romania, Bulgaria and Greece.

Tirona’s assets include more than 20 projects in 22 countries. According to the report, the total assets of the group increased in 2022 by 30% to 1,44 billion euros, the revenue hit 490 million euros, a 6% increase compared to the previous year. Total income has exceeded 100 million euros over the last 2 years.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times.

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Published: 24 Apr 2024, 02:38 PM IST
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