Mcapital a venture arm of Mswipe has announced the appointment of Rohit Agrawal as its Chief Executive Officer.
“Rohit, who has more than 15 years of experience in financial services and lending, will spearhead Mcapital to achieve Rs 1,000 crore AUM by March 2024,” the company said.
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,” the statement added.
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.
Speaking on the appointment, 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,” Patel added.
Speaking about his joining role, Rohit Agrawal said, “I am excited about my appointment as CEO of Mcapital and I look forward to building a sizable, profitable, and risk-efficient lending business. Together, we are committed to strengthening the merchant ecosystem in India and making SMEs our preferred partners.”