Fintech Unicorn CRED Bolsters Leadership with Seasoned Banking Veteran Sujay Das to Spearhead Risk Division
As CRED gears up for a funding round estimated to be between $50 million and $70 million for Newtap Finance, the company remains resilient in its commitment to building a robust lending layer, leveraging the expertise of seasoned professionals to steer through the dynamic fintech landscape.
In a strategic move to fortify its foothold in the lending landscape, leading fintech unicorn CRED has announced the appointment of banking veteran Sujay Das to lead the risk side of its in-house non-banking financial company (NBFC), Newtap Finance. The move follows months of speculation about Newtap’s search for a new CEO. With an impressive background boasting 15 years of expertise in underwriting and risk assessment, Sujay Das brings a wealth of experience from his tenure at renowned financial institutions such as HSBC Bank and Bajaj Finance. Currently associated with fintech startup Freo, Das is set to join CRED imminently, according to insider sources, with indications that he has already departed from his current role at Freo.
This development aligns with CRED’s ambitious plans to scale up its lending portfolio, focusing initially on unsecured products such as personal loans and consumer durables loans. Despite facing regulatory hurdles, including a recent block by the Reserve Bank of India (RBI) preventing CRED from acquiring an additional stake in Newtap Finance, the company remains steadfast in its pursuit of growth.
CRED’s strategic approach includes acquisitions and partnerships to enhance its lending capabilities. The acquisition of CreditVidya in November 2022, operating Prefr, a digital lending platform with advanced underwriting and risk assessment models, positioned CRED as a formidable player in the evolving fintech landscape. Notably, Newtap Finance provides CRED access to an NBFC, along with a valuable banking license for lending activities. The fintech major, which currently partners with NBFCs such as IDFC First Bank, Liquiloans, and Credit Saison for personal loans, continues to navigate challenges while actively pursuing its lending objectives.
This appointment comes on the heels of another significant hire three months ago when CRED welcomed industry veteran B Sriram to its board as an independent director. Sriram, with over 40 years of experience in banking, finance, and technology, adds a wealth of knowledge to CRED’s leadership team.
As CRED gears up for a funding round estimated to be between $50 million and $70 million for Newtap Finance, the company remains resilient in its commitment to building a robust lending layer, leveraging the expertise of seasoned professionals to steer through the dynamic fintech landscape.