Digital lender Rupeeredee’s CEO steps down

Digital lending platform Rupeeredee said on October 21 that its Managing Director and CEO Jitin Bhasin has stepped down from his role. Bhasin was also in charge of the lender’s non-banking (NBFC) arm Fincfriends and will be relinquishing that role as well.

His resignation will be effective from October 31, 2020.

RupeeRedee is part of Digital Finance International, which is a part of the Russia-headquartered Finstar Financial Group. It is a major private equity group focussed on fintech. Launched in September 2018, it helps customers source their loans online. It leverages digital Know Your Customer (KYC) norms and deep integration with lending partners to assist borrowers.

“It has been a fantastic experience to have set up a successful digital lending platform and a digital NBFC. Both Rupeeredee and Fincfriends continue to pursue their stated vision of disrupting retail credit and serving credit underserved segments; I am confident that the businesses will continue to meet their objectives. I am thankful to the shareholders, employees and customers of Rupeeredee and Fincfriends,” Bhasin said in a statement.

Rupeeredee earned a net profit of Rs 4.3 crore for the last fiscal, while its NBFC arm FincFriends earned Rs 35 crore, compared to Rs 15 lakh in the previous fiscal

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