Fintech unicorn Cred’s Risk Management Head, Kunal Kashyap, quit the company and is all set to join Slice, a fintech company and rival of Cred. This was first reported by the Economic Times.
Slice is all set to be a bank with the merger of North East Small Finance Bank. On March 12, the Competition Commission of India (CCI) approved the merger of the Bengaluru-based fintech start-up Slice with North East Small Finance Bank (NESFB). To complete the transaction, the merger scheme needs the approval of the National Company Law Tribunal (NCLT). Slice has also appointed Satish Kumar Kalra, a retired banker, as the chief executive officer of its banking entity.
As per the Economic Times report, “Kashyap will be leading part of the credit business within the newly formed bank, which will be officially launched after regulatory authorities clear the merger.”
Kashyap, who had also been the head of two start-ups (TwoDotSeven and Stepchange Technologies) in the past, was the risk management head of Cred for almost four years. Kashyap, an alumnus of IIT Kharagpur, had previously been associated with Capital One, an American financial corporation, for eight years.
Cred has been trying to expand and diversify its business. Recently, it upgraded its UPI experience, which went live on March 22. Under the new experience, consumers will get new features and rewards for every transaction.
The company is also focusing on the wealth management space. In February, it acquired wealth management platform Kuvera in a cash and stock deal to prioritise the wealth management space. Kunal Shah, CEO of Cred, said in a statement. "Kuvera is extremely popular among financially savvy Indians. Their products and vision are aligned with Cred’s principle of investing for long-term value creation rather than short-term entertainment.”
