Viva Money extends operations to Maharashtra with innovative financial services
In a strategic move to broaden its footprint in India, Viva Money, a subsidiary of Cyprus-based Tirona Limited, has expanded its pioneering online lending platform to Maharashtra. This marks the third state in India where Viva Money has launched, following its successful operations in Gujarat and Karnataka. The company, known for its mobile app-based credit facilities, caters to both formally employed and self-employed individuals.
George Donchenko, the Country Manager of Viva Money, expressed his enthusiasm about the new expansion: “Maharashtra is a fiercely competitive market, and we are unyielding in our goal to simplify access to finance for Indian citizens by focusing on speed, customer-centricity, and innovation.” With this expansion, Viva Money is set to introduce several initiatives aimed at gauging customer behavior and increasing market penetration in Maharashtra. Plans include issuing a limited number of loans up to 2,500 in the next three months and launching a significant sales push by September 2024.
Viva Money aims to extend its reach further by making its app available in two more states by the end of the year. The company’s distinctive offering includes a generous grace period of up to 51 days, setting it apart in the Indian financial services market. Since its inception in December 2023, Viva Money has rapidly grown to serve over 3,000 unique customers, providing credit lines worth Rs 15 Crores, with projections to increase the portfolio volume to Rs 140 Crores by year-end.
Tirona Limited, the parent company, has made significant investments in the fintech sector, with notable assets including 4 Finance and TBI Bank. Tirona’s diverse portfolio spans more than 20 projects across 22 countries, showing a 30% increase in total assets in 2022, reaching 1.44 billion euros. This global presence and robust financial growth highlight Viva Money’s solid backing and ambitious expansion strategies.