Digital lending startup InCred hires Yes Bank exec as CFO
Digital lending and technology-led financial services startup InCred said on Tuesday that it had appointed Yes Bank executive Vivek Bansal as its chief financial officer (CFO).
The Mumbai-based company said in a statement that the appointment was aimed at strengthening its top deck as it embarks on the next phase of its growth.
An InCred spokesperson said that this was the company’s first-ever CFO appointment.
“He [Bansal] has extensive experience in all aspects of financial control, strategy and planning,” said Bhupinder Singh, InCred’s co-founder and chief executive officer.
Bansal was Yes Bank’s head of finance. Before that, he had served as director of group reporting analysis for the UK operations of Fidelity Investment Managers. He had also occupied a senior position at Standard Chartered Bank, according to his LinkedIn profile.
InCred Finance is operated by Visu Leasing and Finance Pvt. Ltd, while Bee Secure Home Finance Pvt Ltd operates the loan products and services business.
While Visu Leasing is a registered non-banking financial company (NBFC) under Reserve Bank of India, Bee Secure is a housing and finance company (HFC) registered under National Housing Bureau.
InCred, which was founded by Bhupinder Singh and started operations in late-2016, offers loans under categories that include consumer, affordable housing, education and small- and medium enterprises (SME). The company had also diversified into two-wheeler loans last year.
While not much information is available about the total loans disbursed so far, InCred raised about Rs 500 crore ($74 million at the time) in August 2016 from a clutch of investors including former Deutsche Bank co-CEO Anshu Jain, Manipal Group managing director Ranjan R Pai, Landmark Holdings founder Gaurav Dalmia, IDFC PE, Alpha Capital and Paragon Partners. h
In an interaction with VCCircle last August, Bhupinder Singh had said that the company was on the lookout for acquisitions to boost it lending business.
He also said that InCred was targeting a loan book of Rs 1,500 crore and aimed to double its workforce by March 2018.