“Kashyap shall be main a part of the credit score enterprise throughout the newly-formed financial institution which shall be formally launched after regulatory authorities clear the merger,” one of many individuals mentioned.
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On March 12, Slice acquired the Competitors Fee of India’s approval to merge with North East Small Finance Financial institution. Whereas the central financial institution had given its go-ahead in 2023, the case remains to be pending clearance from the Nationwide Firm Regulation Tribunal (NCLT).
Kashyap’s exit comes at a time when Cred’s credit score enterprise is rising as a vital income for the fintech agency because it seems for tactics to monetise its consumer base.
Each Cred and Slice declined to touch upon the event.
IIT Kharagpur alumnus Kashyap had spent over eight years at American lending agency Capital One. Between 2017 and 2020, he based two startups: credit score analytics agency TwoDotSeven and recurring fee answer startup Stepchange Applied sciences. He joined Cred as the top of threat in 2020.
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Cred has been constructing out its personal lending enterprise by way of in-house non-banking finance firm Newtap Finance. In October 2023, ET reported that banking veteran Sujay Das had joined Cred to steer threat for its in-house lending enterprise.Slice, then again, is making ready to begin banking operations formally. It has already appointed retired banker Satish Kumar Kalra as its chief government officer for the banking entity to be shaped after the merger.
“For Slice to construct a robust credit score crew is crucial because it has to stabilise the enterprise of the troubled small finance financial institution it’s merging with, and somebody like Kashyap may assist in organising the technology-based underwriting requirements on the financial institution,” mentioned the opposite individual ET spoke to.
In FY23, Slice reported an working income of Rs 846 crore and a internet lack of Rs 405 crore.
