Pune: Following the robust response to its digital campaigns, SaveIN, India’s first social finance-based Neo Bank, now aims to activate retail touchpoints to make shopkeepers and retailers aware of the launch of the innovative financing (lending and borrowing) platform.
Announcing the launch of its multi-city marketing campaign today, SaveIN emphasized the key benefits of moving all informal loans to its platform.
The FinTech company targets to activate over 5,000 retail touchpoints across key cities in North India (Delhi, Lucknow, Jaipur), supported by an integrated, 360-degree marketing campaign spanning FM, digital media and other on-ground activation.
“Shopkeepers are a key contributor towards the informal loans. They lend and borrow money among fellow shopkeepers/ small businesses and/or their customers. Hence, SaveIN is digitizing these informal loans by offering a 100% digital loan experience, records, instant payment, automatic repayments and reminders. Our awareness cum marketing campaign has kicked off in Delhi-NCR, Jaipur, and Lucknow and will be extended to other cities soon,” said Jitin Bhasin, Founder and CEO, SaveIN.
Small retailers and shopkeepers find it difficult to get short-term loans from banks and other lending institutions. Most banks and lending institutions have become extremely cautious when it comes to issuing non-collateral based loans to them. Banks have seen a spike in non-performing assets amid the pandemic. We want to positively impact the financial health of small retailers, by leveraging their own trusted network and providing access to need-based and contextual financial products,” he added.
Social financing is gaining momentum since last year. According to the CMIE’s Consumer Pyramids Household Survey (CPHS) 2020, 77% of urban Indian households reach out to family, friends and acquaintances in times of need. There is a 100% increase in the last year (2019-2020) in the number of urban households borrowing from family and friends. Surveys point out that 45% of Indian households borrow and only 15 % of people were able to get loans from banks and NBFCs.
With innovative solutions, the social finance-based neo bank SaveIN has recently raised significant funds in pre-seed funding round from a clutch of Indian and international angel investors and industry stalwarts across banking, consulting, blockchain, credit bureau and fintech.
SaveIN App is witnessing a significant number of downloads every day and so far over 50,000 people have registered on the platform, since its launch in April 2021. It aims to reach over 5 lakh users by the end of this fiscal year.