Mcapital, the lending arm of Mswipe, has appointed Rohit Agrawal as chief executive officer (CEO). In his new role, Agrawal will spearhead Mcapital with an aim to achieve Rs 1,000 crore assets under management (AUM) by March 2024. He will also focus on Mswipe’s core payments business by building a robust merchant financing and small loans vertical through Mcapital. As CEO of Mcapital, Agrawal will oversee the adaptation of innovative technology in creating new credit products for SMEs.
“Rohit’s 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,” Ketan Patel, CEO, Mswipe, said.
Agrawal, a chartered accountant by profession, brings with him more than 15 years of experience in financial services and lending. He joined Kotak Mahindra Bank in 2006. During his stint at the bank, he worked for its mid-market business and headed its e-commerce and new-age business.
“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,” Agrawal commented.
Mumbai-headquartered Mswipe offers payment acceptance services for SME’s enabling them to accept – cards, wallets, mobile payment apps and bank apps, contactless and QR payments. 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.