Mcapital aims to be digital SME bank, ropes in Kotak honcho

Mcapital aims to be digital SME bank, ropes in Kotak honcho

Appoints Rohit Agrawal of Kotak Mahindra Bank as CEO

Rohit will spearhead Mcapital to achieve the AUM target of Rs 1,000-crore by March 2024

MUMBAI, Dec 6 (The CONNECT) -Mcapital, the lending arm of Mswipe, today announced the appointment of Rohit Agrawal as Chief Executive Officer.

Rohit, who has more than 15 years of experience in financial services and lending, was the National Head - Ecommerce and New Age Business at Kotak Mahindra Bank

He will now spearhead Mcapital which has set the AUM target of Rs 1,000-crore by March 2024.

Rohit will also be responsible for expansion of Mswipe’s core payments business by building a robust merchant financing and small loans vertical through Mcapital, a press release from the company said. He will also oversee the adaptation of innovative technology in creating new credit products for SMEs.

Rohit, a CA by profession, joined Kotak Mahindra Bank in 2006. Since then, he has worn many hats including working for the bank’s mid-market business and heading its e-commerce and new-age business.

Mswipe CEO Ketan Patel said, 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.

About his new role, Rohit Agrawal said, he looks 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,” he said.

As India’s largest independent POS acquirer with 6.75 lakh POS and 11 lakh QR merchants, Mswipe intends to target the highly underserved SME segment with access to formal credit via Mcapital.

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11lakh QR merchants across the country. Mswipe offers a host of payment acceptance services for SME’s enabling them to accept - cards, wallets, mobile payment apps and bank apps, contactless and QR payments. Headquartered in Mumbai, Mswipe began operations in 2011. Its key investors include B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.

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