Vitto

Developing countries have substantial credit gaps among their low and middle-income groups. In India alone, the credit gap in Micro, Small and Medium enterprises is as high as $300 billion. India's micro-credit market has currently reached more than 150 million borrowers through micro-finance institutions, women’s self-help groups, and credit co-ops with a market size of $50 billion. However, this segment continues to face a huge credit crunch and most micro borrowers end up taking credit from informal segments. Sometimes, they even fall into a debt trap.

Another problem in this industry is that most of its services are still delivered through a physical network of agents. This high touch model leads to:

A. Higher cost of services

B. Lack of systemic data to avail higher ticket loans

C. Inability to deliver added financial services such as insurance and saving.

 Vitto - Microfinance.AI’s mobile platform “Vitto '' simplifies the entire microfinancing experience for its users. The platform simplifies customer onboarding and screening. It is an AI-led vernacular mobile app for Microfinance Institutions and their customers. It provides end-to-end customer management, a loan management system, an automated recognition system through face and voice recognition technology, an interactive interface between institutions and customers, and a fully automated grievance redressal system. It is an independent API-led platform designed in a “plug-in model” which can be easily integrated with any existing MFI’s back-end solution. 

Vitto aims to digitize the entire operations of the Indian microfinance industry and thereby, maximize the level of financial inclusion in the country. Our AI-powered mobile platform simplifies customer onboarding and screening. It also solves the language barrier problem faced by the micro-borrowers by incorporating a voice-assisted user interface and speech-to-text technology in its application. For lenders, our web dashboard provides complete information on the profile of the borrowers, their credit scores, and a warning of a possible default on their loans.

Our platform is a customer centric platform that prioritizes customer experience. We have built our platform to support multiple languages to address the language barriers faced by low literate customers. We also have added an AI-powered speech-to-text in the local language so that borrowers need not type while using the platform. Through our app, we provide access to credit to new-to-credit customers and thin file customers. We provide customers who have no access to banks or formal institutions a platform to meet their financial requirements. We also have educational videos to improve the financial literacy of our customers.

Our founders, Kapil and Swati have both worked around unserved sections of the society and they know how deprived these areas are in terms of financial inclusion. They have experienced the needs before hand and have come up with a platform - Vitto that will help these rural people get access to financial services with ease.

We have a customer base of over 60,000+ currently and are in the process of onboarding more customers.

We are applying to solve to get leadership and strategic advice from top experts.

To gain exposure in the media

To expand our network and reach out to more professionals

We believe that this is a great platform for us to garner more experience and reach new heights.

Our platform has Voice Assisted UI with multiple local languages to help the user operate in their preferred language. 

We have an easy to use and understand Interface that can be understood by anyone.

here are some links to our work

Vitto app video - 

Educational Content - 

- Providing more access to financial services to underserved women borrowers

- Providing value added financial products to small and micro enterprises. 

Regular MIS Data through dashboards

Independent study or research in partnership with Impact measurement project institutions.

Our goal is to help the underserved sections of the society get access to financial services.

We partner with MFIs to connect to borrowers who are in need of financial services. 

We Promote educational content through our social media channels.

Our Solution will help users get out of dire financial emergencies and live a financially independent life.

Voice assisted User Journey in regional languages.

Artificial Intelligence models to accurately assess financial health of the users by using alternate data.

Women leadership founder, Women HR Leader, We have set up a Committee that has laws and policies to help protect women from sexual harassment and abuse. We promote equality in our organisation and give equal opportunities to everyone. 

We operate in a B2B Business model where we partner with MFIs and NBFCs to onboard borrowers on our platform. 

We have identified four channels under our Go-to-market strategy.

• Independent Application in the market

• Partnership with Non-banking finance companies focused on micro-credit

• Partnership with Credit Co-ops/Women Groups

• White label product

Our immediate revenue sources:

• Signup cost with corporate partners

• Co-Lending: Interest income in the range of 12% - 14>#/p###

• Loan Sourcing Fee: Loan sourcing fee at 1% - 2.5% (one time)

• Repayment: Repayment fee at 1% - 1.5% on collection

Long-term additional revenue (3rd year onwards):

• Micro interest commission - 5% - 18% 

• Investment product commission at 0.5% - 4%

Our plan has been successful so far 

- We have partnered with 7+ partners and onboarded over 70,000+ Borrowers

- We have surpassed 40 lakhs + revenue till date