In a remarkable feat for India's burgeoning fintech sector, Bengaluru-based digital lending startup Viva Money has crossed a major operational milestone. The company announced it has successfully issued over 1,000 credit lines to customers across the nation within a mere three months of its launch in December 2023. This rapid adoption underscores a significant market demand for accessible and flexible digital credit solutions.
Rapid Growth and Customer-Centric Features
Since its debut, Viva Money has facilitated loans exceeding ₹35 million (₹3.5 crore) through its mobile application. The platform initially concentrated its services on customers in Gujarat and Karnataka, leveraging its fully remote and paperless loan processing system as a key differentiator. A major draw for users has been the platform's flexible credit lines, which come with an attractive grace period of up to 51 days.
Currently, Viva Money offers credit limits ranging from ₹5,000 to ₹2 lakh, with the average loan amount hovering around ₹35,000 and a standard repayment tenure of 5 to 10 months. The app has already seen over 100,000 downloads, indicating strong initial traction.
Leadership Insights and Strategic Expansion Plans
Commenting on the company's swift growth, Viva Money's Marketing Manager, Vishal Jain, stated that the phenomenal response validates the growing need for their services. "We are committed to providing exceptional convenience for our customers, empowering them to manage everyday financial challenges," Jain said. He emphasized the company's focus on continuous improvement and expanding its reach.
Looking ahead to 2024, Viva Money has laid out ambitious expansion and innovation plans. The fintech firm intends to extend its services to additional Indian states, with Rajasthan and Maharashtra identified as the immediate next targets. This move will bring its revolving credit lines to a wider demographic.
Innovations and Future Projections
Beyond geographical growth, Viva Money is preparing a suite of enhancements aimed at boosting customer loyalty and usability. A key initiative is the introduction of a personalized loan product for repeat customers. This offering will provide a higher loan amount of up to ₹3 lakh and an extended tenure of up to 36 months.
Furthermore, the company plans to roll out a scan-and-pay feature, allowing customers to make direct payments to merchants directly from their approved loan limit, adding a layer of everyday utility. By the end of 2024, Viva Money projects it will have provided approximately 40,000 credit lines, building an estimated loan book of ₹1400 million (₹140 crore).
About Viva Money and Its Global Backing
Viva Money operates as a digital financial lending platform, marketing itself as offering India's first Line of Credit with a strong emphasis on online, tech-based proprietary models and data-centric KYC processes. Borrowers can access and manage loan products via its mobile app and website.
The startup is a subsidiary of the holding company Tirona Limited, headquartered in Cyprus. Tirona Ltd has a global footprint, investing in fintech opportunities and mature companies across banking and IT in Europe, Asia, and South America. Its portfolio includes notable names like 4finance, a global digital consumer finance leader, and TBI Bank, a next-generation digital bank operating in Southeast Europe.
According to reports, Tirona's group total assets grew by 30% to 1.44 billion euros in 2022, with revenue reaching 490 million euros. The group's total income has surpassed 100 million euros over the last two years, providing a robust financial backbone for its subsidiary's aggressive growth plans in the Indian market.
