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On March 12, Slice received the Competition Commission of India’s approval to merge with North East Small Finance Bank. While the central bank had given its go-ahead in 2023, the case is still pending clearance from the National Company Law Tribunal (NCLT).
Kashyap’s exit comes at a time when Cred’s credit business is emerging as a crucial source of revenue for the fintech firm as it looks for ways to monetise its user base.
Both Cred and Slice declined to comment on the development.
IIT Kharagpur alumnus Kashyap had spent over eight years at American lending firm Capital One. Between 2017 and 2020, he founded two startups: credit analytics firm TwoDotSeven and recurring payment solution startup Stepchange Technologies. He joined Cred as the head of risk in 2020.
Cred has been building out its own lending business through in-house non-banking finance company Newtap Finance. In October 2023, ET reported that banking veteran Sujay Das had joined Cred to lead risk for its in-house lending business.
Slice, on the other hand, is preparing to start banking operations officially. It has already appointed retired banker Satish Kumar Kalra as its chief executive officer for the banking entity to be formed after the merger.
“For Slice to build a strong credit team is imperative since it has to stabilise the business of the troubled small finance bank it is merging with, and someone like Kashyap might help in setting up the technology-based underwriting standards at the bank,” said the other person ET spoke to.
In FY23, Slice reported an operating revenue of Rs 846 crore and a net loss of Rs 405 crore.
