Experienced finance professional takes the lead in Kreditech’s Mumbai Office
Mumbai, India – May 4th, 2018 – Kreditech, the leading group for digital consumer lending using machine-learning based underwriting, appoints Ashish Kohli as the new Managing Director in India. Kohli brings more than 20 years of experience in financial services to the table. He will be the head of Kreditech’s Indian office in Mumbai and will be responsible for establishing the fintech’s business in Asia.
With PayU Monedo, Kreditech officially launched its business in India earlier this year. Joining forces with PayU, it is Kreditech’s goal to bridge the credit gap for the banked and underbanked population in India. PayU Monedo offers instant short and medium-term shopping credits that enables consumers to pay for their cart amount at the checkout of popular e-commerce websites. PayU Monedo combines the power of an impressive merchant distribution network with expert machine-learning based real-time underwriting capabilities.
Financial expert Kohli will be the driving force in Kreditech’s Indian business
After a successful launch, Ashish Kohli has taken over the lead of Kreditech’s business efforts in India. Kohli is a qualified MBA in Finance from IIPM. He holds a degree from Sri Ram College of Commerce, Delhi University. The expert for financial services gained over 20 years of experience across multi-national companies and NBFCs, and has a proven success record in both high-growth as well as mature businesses across economic cycles.
At Kreditech, Ashish Kohli will be responsible for establishing the fintech’s business in yet another emerging market. “Kreditech has proven that the company is capable of not only entering but dominating their market segment in different countries around the world. I will be the driving force behind our efforts of gaining ground in this difficult, yet high-potential Asian market”, Ashish Kohli says. “We’ve done our homework. An in-depth analysis of the financial situation of Indian consumers verified what we knew from the start: people are not only ready for alternative forms of financing, they desperately need them. They crave the financial freedom that is absolutely natural to most of the western population. We aim to offer that kind of financial freedom to them.”
India: Bold step into demanding market
The Indian market, especially the financial market, is a tough nut to crack. Kreditech has taken a bold step into the market and has already achieved convincing initial results that confirm the company’s decision. As of now, the fintech plans to become a licensed NBFC and has filed an application with the Reserve Bank of India. Currently, Kreditech acts as a service and technology provider to a licensed NBFC, enabling it to offer a digital consumer credit experience.
“It is our mission to increase the financial freedom of people with limited access to banking services”, states Alexander Graubner-Mueller, Deputy CEO at Kreditech. “Our proprietary credit scoring technology can not only assess an applicant’s creditworthiness in seconds and with higher precision than traditional credit-bureau based systems. It also takes a different set of factors into consideration. That way, we are able to offer credit to people that are usually being turned down by banks. The Indian market may be a tough one, but we are more than confident that we’ll break into the market successfully.”
Kreditech Group’s mission is to improve financial freedom for the underbanked with the use of technology. Combining non-traditional data sources and machine learning, the company is aiming to provide access to better credit and a higher convenience for digital banking services. The product offerings include consumer loans, a digital wallet and a personal finance manager designed to help customers manage their credit score and plan their spending. Kreditech also offers a “Lending as a Service” model, allowing partners to integrate Kreditech’s credit products via an API into their own platform and services.
Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than 5 markets worldwide, amongst others Russia, Mexico, Spain and Poland. Up until now, the company has processed more than four million loan applications through its subsidiaries. Kreditech’s team of more than 387 people is led by CEO and Co-Founder Alexander Graubner-Mueller and is financially backed by world-class investors including PayU, J.C. Flowers, Peter Thiel, and the World Bank’s IFC.
Oseon GmbH & Co.KG
+49 69-25 73 80 22-20