Mobile wallet company MobiKwik has announced the appointment of Vinayak N as its new head of the Lending Business at MobiKwik. Vinayak will help the company to kick-start the lending business for MobiKwik.

The company said that his role will include designing relevant lending products, forging relevant partnerships, launching the products in the market and ensuring a profitable and sustainable business. “MobiKwik is in the process of conceptualizing a portfolio of lending solutions, in partnership with leading banking institutions and NBFCs,” it added.

Vinayak has joined Mobikwik from Fullerton India Credit Company Limited where he was Head of Alliances and was focusing on both digital and non-digital partnerships. In his earlier stint, Vinayak has held diverse portfolios in risk and product domains at Bajaj Finance Limited. He has also been the Head of Business and Insurance at Capital First, where he launched the cross-sell business.

Top-management exits at MobiKwik

The development comes at the time when the company is seeing exits of top-level executives. A day before The Economic Times reported that MobiKwik’s marketing and growth head Damandeep Singh Soni has quit the company within two years if joining it.

In April, Rukaiya Rangwala, who was heading payment gateway & online business at MobiKwik also left the company within a year.  Earlier, company’s chief Business officer Vineet Singh resigned from the company after working there for more than a year. Last year, Akash Gupta, Vice President – Marketing has quit the company to pursue his entrepreneurial dreams.

Shift on lending space?

It is possible that MobiKwik is simply shifting its total focus on lending space, as the RBI’s new KYC norms have led to a dip in the usage of mobile wallets and have had an impact on the core product of most payment companies. Mobikwik’s biggest competitor Paytm has also reacted by diversifying its business into the personal finance space. Paytm is reportedly trying to enter the lending space and is seeking a licence from the Reserve Bank of India (RBI) to become a peer-to-peer lending platform.