Neo-banking startup Stashfin has appointed Aparna Bihany as senior vice president of lending.
Bihany comes with over 20 years of experience in the banking, financial services, and insurance sector in India, and will play a key role in accelerating growth. She has earlier held positions at Clix Capital, IndusInd Bank, and ICICI Bank.
In the new role, she will oversee the development and implementation of innovative lending products, optimise processes and enhance the customer experience across the lending portfolio.
Stashfin provides loans of up to Rs 500,000 with repayment periods of up to 36 months. The interest rate starts from an annual percentage rate of 11.99%.
The eight-year old company has secured more than Rs 6,000 crore through multiple rounds of equity and debt funding from global marquee investors like Uncorrelated Ventures, Fasanara Capital, Tencent, Abstract Ventures, Altara Ventures, Kravis Investment Partners, and Snow Leopard.
Stashfin is a subsidiary of AKARA Capital. The assets under management of the company stood at Rs 1,767 crore as on 30 June.
Analysts note that while the company’s strong capitalisation works in the company’s favour, the ability to keep slippages in check is a key monitorable, going ahead.
Stashfin posted net sales of Rs 155 crore in FY23 against Rs 106 crore during the preceding year, as per VCCEdge, the data intelligence platform of VCCircle. It also turned profitable during the period, posting a PAT of Rs 1 crore agains a loss of Rs 16 crore year-on-year
