Wednesday, July 13, 2022

P2P Lender LenDenClub Appoints AU Bank’s Ashish Jain As Chief Business Officer – Investments

* LenDenClub continues to strengthen the leadership team ahead of the next growth phase

LenDenClub, RBI registered NBFC-P2P, India's largest peer-to-peer lending platform, announced the appointment of Ashish Jain as its new Chief Business Officer - Investments. Ashish brings over two decades of market-honed experience across diverse businesses such as FMCG, Mutual Funds, and Banking in the product, business development and sales domain, driving to achieve organizational goals.

At LenDenClub, Ashish would be responsible for enhancing the channel partner network that will help financial advisors provide alternative investment opportunities to allocate their clients’ assets. In addition, expanding key partnerships across the distribution landscape in order to make LenDenClub’s P2P lending offerings more accessible.

Speaking on the appointment, Bhavin Patel, Co-founder & CEO, LenDenClub, said, "We aspire to achieve $1 Billion in Loan disbursals this financial year. In the recent past, we have made certain strategic appointments, and Ashish’s addition to the team solidifies our commitment and focus towards our intended exponential growth. Given his expertise in the leading digital transformation on the retail banking side, Ashish will not just help bring a fresh perspective to our core business strategies, but will be a key driver in the growth of our Investments Business. I look forward to working closely with him and wish him all the best for the future.”

Ashish has previously worked in some of India’s marquee firms like ICICI Bank, Franklin Templeton, and ICICI Prudential AMC across multiple geographies in Sales, Marketing & Distribution, and Channel Management. His last stint was with AU Small Finance Bank, where he was responsible for the product & distribution of investment products and set up the investment practice from scratch. He has been the brain behind setting up sales & distribution across geographies for leading Mutual Fund houses.

Embarking on his new beginning, Ashish Jain, CBO - Investments, said, “Financial awareness and digitization is seeing exponential growth in India led by the fintech revolution. LenDenClub is poised to make the most of this momentum and drive digital adoption for financial products with its innovative product offerings and I am thrilled to contribute immensely to this journey.”

With record disbursements, customer additions, top-line growth, profitability, and distinctive product offerings, LenDenClub has had outstanding operational performance in FY 21–22. The business has also developed a multi-pronged plan to speed up its growth by being the go-to platform for peer-to-peer lending for the underserved investors and borrowers in the nation and helping them with various financial requirements. LenDenClub, in the recent past, selected Atal Agarwal as its Head of Initiatives and New Strategy and Mudit Agarwal as the Chief Business Officer - New Business Initiatives. This crucial strategic appointment will drive the company's growth objectives.

The company recently raised $10 million in a Series A round co-led by a consortium of investors, including Tuscan Ventures, Ohm Stock Brokers, and Artha Venture Fund.

About LenDenClub:

LenDenClub is a leading Peer-to-Peer Lending platform that provides an alternate investment opportunity to investors or lenders looking for high returns with creditworthy borrowers looking for short term personal loans. With 2 million+ investors on board, LenDenClub has become a go-to platform to earn returns in the range of 10%-12%. LenDenClub offers investors a convenient medium to browse thousands of borrower profiles to achieve better returns than traditional asset classes. Moreover, LenDenClub is safeguarded by market volatility and inflation. It provides a great way to diversify your investment portfolio.

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