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| Rohit Agrawal CEO Mcapital |
Envisions achieving Rs 1,000 crore AUM by March 2024
Mcapital, the lending arm of Mswipe, today announced the appointment of Rohit Agrawal as Chief Executive Officer.Rohit, who has more than 15 years of experience in financial services and lending, will spearhead Mcapital with a view to achieve Rs 1,000 crore AUM by March 2024.
In his new role, Rohit will expand Mswipe’s core payments business by building a robust merchant financing and small loans vertical through Mcapital. He will also oversee the adaptation of innovative technology in creating new credit products for SMEs.
Rohit’s appointment is a crucial step towards strengthening the core leadership team at Mswipe.
Rohit, a CA by profession, joined Kotak Mahindra Bank in 2006. Since then, he has worn many hats including working for the bank’s mid-market business and heading its e-commerce and new-age business.
Mswipe CEO Ketan Patel said, “We are delighted to welcome Rohit, whose vast experience in the lending business will accelerate our ongoing efforts to provide small merchants with quick and easy access to formal credit. I look forward to working with him in developing cost-effective and consumer-friendly solutions for small merchants and expanding our lending business. Rohit’s understanding of the industry will be invaluable for the growth of our company and its vision of transforming into a digital SME bank.”
About his new role, Rohit Agrawal said, “I am excited on my appointment as CEO of Mcapital and I look forward to building a sizeable, profitable and risk-efficient lending business. Together, we are committed to strengthening the merchant ecosystem in India and making SMEs our preferred partners.”
As India’s largest independent POS acquirer with 6.75 lakh POS and 11 lakh QR merchants, Mswipe intends to target the highly underserved SME segment with access to formal credit via Mcapital.
About Mswipe
Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11lakh QR merchants across the country. Mswipe offers a host of payment acceptance services for SME’s enabling them to accept - cards, wallets, mobile payment apps and bank apps, contactless and QR payments. Headquartered in Mumbai, Mswipe began operations in 2011. Its key investors include B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.
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