Bengaluru: ZestMoney, India’s leading Buy Now, Pay Later platform today announced that it has promoted Mandar Satpute to the role of Chief Banking Officer (CBO).
Prior to this, Mandar was Vice President, Banking partnerships. He has been with the company for more than 4 years and began his stint as Head of Partnerships in 2017.
This elevation comes at a crucial time for the company when it is doubling down on its partnership with banks and NBFCs as demand for BNPL has increased by 5X on its platform. The company now partners with close to 25 banks and NBFCs to power affordability for its 11 million registered customers.
Mandar is a career banker with more than 22 years of experience, having held senior positions at Citibank and TCS in diverse functions ranging from Relationships in Retail Banking, Corporate Banking, Sales & Business Development to Financial Inclusion for PSU banks, Compliance, and Audits. He has held leadership positions at Asian Paints and Philips Consumer Electronics.
Mandar will join Harshit Jain, Chief Strategy Officer, and Natalia Lyarskaya, Chief Data Officer as part of the senior leadership team to further accelerate the adoption of BNPL in India.
Commenting on the announcement, Priya Sharma, CFO & COO, Co-founder, ZestMoney said, “We are delighted to have a person of Mandar Satpute’s stature who brings solid leadership experience in building and managing large teams and setting up strong systems driven organizations, as we scale our Ops set up. He is one of the senior-most members of the Zest leadership team and has been a strong pillar of support over the past four years. As we cater to the massive demand for BNPL, partnerships with banks/NBFCs will be key. ZestMoney has been a pioneer in driving collaborations, Mandar will fortify our position in the market.”
Mandar Satpute, Chief Banking Officer, ZestMoney, said: “I am honored to be leading a team of enthusiastic professionals. I look forward to working together and supporting to develop of new product lines to offer to our lenders while unlocking long-term value for our customers. With increased adoption of the BNPL financing option and the role of being an enabler for financial inclusion, I am excited to explore the new partnership opportunities presented by these themes.”
Mandar will lead the entire Lending Platform Operations, Lender Relationships, Business Operations, and Collections going ahead. He continues to oversee Customer Operations, Collections, and supply of Balance sheets to the platform.
He holds a bachelor’s degree in Engineering from the College of Engineering, Pune, and also has a Postgraduate Diploma in Management from the Indian Institute of Management, Calcutta.
ZestMoney is a leader in the BNPL space with a merchant network of over 10,000 online partners and 75,000 store partners. The company helps increase the affordability of their products and enables them to facilitate frictionless sales at a higher conversion rate, targeting a larger base of customers.
