Paytm is scaling up its lending operations – brings on board former Clix Capital CEO

• Paytm has appointed Bhavesh Gupta as SVP and CEO of its lending business. Gupta, had just recently resigned from his position as the CEO of Clix Capital.
• Clix Capital, which has been in partnership with Paytm for over a year now, is headed for a merger with Lakshmi Vilas Bank.
• Paytm’s lending operations will begin with lending from various NBFCs and bank partnerships.

Paytm has appointed Bhavesh Gupta as SVP and CEO of its lending business. Gupta, had just recently resigned from his position as the CEO of Clix Capital and had grown the loan book of the NBFC to ₹5,500 crore, according to reports. Gupta also has over a decade of experience of working with banks.

“I plan to build along with a fantastic team the most cost-effective & consumer-friendly lending products for all citizens. The wealth management and financial service solutions that Paytm is building are transforming the lives of millions of Indians and are relevant globally as well,” said Gupta in a statement.

Interestingly, Clix Capital, which has been in partnership with Paytm for over a year now, is headed for a merger with Lakshmi Vilas Bank.

Paytm’s lending operations will begin with lending from various NBFCs and bank partnerships. Paytm Payments Bank is not yet allowed to lend according to the RBI.

“Paytm is on a mission to democratise diversified financial services in the country and access to credit for consumers and small businesses is a critical enabler to fulfil their ambitions and wishes,” said Amit Nayyar, President at Paytm.

The Vijay Shekhar Sharma-led Paytm has also been ramping up its offerings. It recently launched stock broking services and also forayed into insurance.

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