Mcapital, the loan arm of Mswipe, has appointed Rohit Agrawal as Managing Director (CEO). In his new role, Agrawal will lead Mcapital with the goal of reaching 1,000 crores in assets under management (AUM) by March 2024. He will also focus on Mswipe’s core payments business by building strong merchant finance. and small vertical loans via Mcapital. As CEO of Mcapital, Agrawal will oversee the adaptation of innovative technologies in the creation of new credit products for SMEs.
“Rohit’s extensive lending experience will accelerate our continued efforts to provide small traders with quick and easy access to formal credit. I look forward to working with him to develop cost effective and user friendly solutions for small traders and grow our lending business. Rohit’s understanding of the industry will be invaluable to the growth of our business and his vision to transform into a digital SME bank, ”said Ketan Patel, CEO of Mswipe.
Agrawal, a chartered accountant by profession, brings with him over 15 years of experience in financial services and lending. He joined Kotak Mahindra Bank in 2006. During his time at the bank, he worked for his mid-sized business and led its e-commerce and new era business.
“I look forward to building a large, profitable and risk efficient loan business. Together, we are committed to strengthening the merchant ecosystem in India and making SMEs our privileged partners, ”commented Agrawal.
Mswipe, headquartered in Mumbai, offers payment acceptance services to SMEs enabling them to accept cards, wallets, mobile payment apps and banking apps, contactless payments and QR. The company is backed by a number of investors such as B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.
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