Kunal Kashyap, formerly the Head of Risk at fintech unicorn Cred, has tendered his resignation to join competitor Slice. Kashyap’s move coincides with Slice’s transition into a bank following its proposed merger with North East Small Finance Bank. According to sources familiar with the matter, Kashyap will assume a leadership role in the credit division of the newly established bank once regulatory approvals are secured for the merger.
Slice obtained approval from the Competition Commission of India on March 12 for its merger with North East Small Finance Bank. While the Reserve Bank of India granted its clearance in 2023, the merger is awaiting final approval from the National Company Law Tribunal (NCLT).
Kashyap’s departure from Cred comes at a pivotal juncture, as the company’s credit business emerges as a vital revenue stream, necessitating monetization strategies for its user base. However, representatives from both Cred and Slice declined to comment on Kashyap’s transition.
Kashyap, an alumnus of IIT Kharagpur, brings over eight years of experience from American lending firm Capital One. He also founded two startups between 2017 and 2020, namely TwoDotSeven, a credit analytics firm, and Stepchange Technologies, a recurring payment solution startup, before joining Cred in 2020 as the Head of Risk.
Cred has been expanding its lending operations through its in-house non-banking finance company, Newtap Finance. Notably, banking veteran Sujay Das was appointed in October 2023 to oversee risk management for Cred’s lending business.
Meanwhile, Slice is gearing up to commence its banking operations officially. The company has appointed retired banker Satish Kumar Kalra as the CEO of the banking entity formed post-merger.
Given Slice’s merger with a troubled small finance bank, establishing a robust credit team is deemed essential. Kashyap’s expertise is expected to contribute significantly to setting up technology-driven underwriting standards at the bank, according to sources familiar with the matter.
In the fiscal year 2023, Slice reported operating revenue of Rs 846 crore alongside a net loss of Rs 405 crore.
