Lendingkart Appoints New CEO to Lead Digital Lending Growth in India
Lendingkart, the digital lending platform focused on micro, small, and medium enterprises (MSMEs), has named Prashant Joshi as its new Chief Executive Officer. This leadership transition follows the company’s majority acquisition by Fullerton Financial Holdings. Joshi, a seasoned banker with 30 years of experience, previously served as Managing Director and Head of Consumer Banking at DBS Bank. His extensive background includes senior positions at IndoStar Capital Finance, Deutsche Bank, Standard Chartered, and IDBI Bank.
Joshi’s appointment reflects a growing trend in the fintech sector, where companies are increasingly bringing in leaders with deep roots in traditional banking. As fintechs evolve from their disruptive beginnings, they are now seeking to scale with greater regulatory oversight, operational maturity, and strategic alignment with established financial players. A study of 75 fintech companies underscores this shift, showing a clear rise in board members and CEOs with regulatory and financial expertise—particularly from banking backgrounds.
This move is especially timely for Lendingkart, which has reportedly faced liquidity constraints in the unsecured lending space. Leadership with institutional experience is becoming essential for navigating such challenges, particularly as fintechs mature and face market volatility.
Joshi’s arrival also comes at a crucial time for MSME lending in India. Despite over 5.7 crore registered MSMEs contributing substantially to the nation’s GDP, less than 5% currently access formal credit through traditional banks. This highlights a vast, underserved market requiring not only digital innovation but also robust financial judgment and risk evaluation frameworks—areas where Joshi’s banking expertise could prove pivotal.
The MSME lending space is rapidly evolving, driven by AI-powered credit models, alternative data usage, and end-to-end automation. These advanced tools need experienced leadership to be integrated effectively and responsibly. With India standing as the third-largest fintech funding hub globally, competition is intense. Major players like DMI Finance, which has raised $1.13 billion, are also targeting this space aggressively.
Backed by institutional capital and now guided by seasoned leadership, Lendingkart is poised to scale its MSME operations while maintaining compliance and navigating the complexities of a fast-evolving regulatory landscape.
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