RBI Innovation Hub Partners with Vivifi Finance to Provide Loans to Gig Workers

The Reserve Bank of India Innovation Hub (RBIH) has teamed up with digital lender Vivifi Finance to pilot a project aimed at offering unsecured loans to gig workers. 

The initiative, which started two weeks ago, focuses on creating a digital platform that will provide loans to workers in the gig economy, such as Ola and Uber drivers, Swiggy and Zomato delivery personnel, and other temporary workers.

The pilot is still in its early stages, with the RBIH using alternative data for credit assessments, allowing gig workers to access formal banking services and credit. 

This collaboration involves using data from banks, credit bureaus, and gig platforms, including economic and behavioral data.

Read more - Zomato's Blinkit Launches Quick Commerce Services in Jammu

If successful, the project could be integrated with the Unified Lending Interface (ULI), a digital infrastructure providing lenders with critical financial and non-financial data. ULI already supports over 36 lenders and has facilitated over 600,000 loans worth INR 27,000 Cr. 

Vivifi India, founded in 2016 by Anil K Pinapala and Srinath Kompella, specializes in Buy Now, Pay Later (BNPL) services and instant personal loans through its FlexPay app. 

The company recently raised $75 million to expand its services, especially targeting MSMEs.

Funding News: Your Gateway to Every Funding Update.

Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.