PayU Finance, which owns LazyPay, India’s preferred Buy Now Pay Later solution and PaySense, a full stack personal loans company, has elevated Bhavik Kaul as the company’s Chief Product Officer (CPO).
He will be responsible for building and expanding the product portfolio aligned to PayU Finance’s ambition of creating a full-stack digital financial services platform to serve all financial needs of consumers in India.
In his new position as Chief Product Officer, Bhavik will lead a 40-member team across product, design and program management and will focus on building product portfolios under ‘Buy Now, Pay Later’ (BNPL) deferred payment, EMI at checkout, cards, personal loans up to 10 lakhs, savings & investment products including gold, crypto and personal finance management. Bhavik holds more than a decade of experience in building products in the consumer internet space with expertise across content, gaming, social, commerce, hyperlocal logistics, organic farming and now FinTech.F
Prashanth Ranganathan, CEO, PayU Finance, said, “India’s credit ecosystem remained resilient despite the pandemic and consumer demand especially for products such as Buy Now, Pay Later gained momentum. Bhavik has demonstrated exceptional capabilities by laying a strong product foundation and bringing multiple and unique possibilities of the PayU Finance offering to life, such as BNPL via UPI and flexible repayments for small ticket sizes. He will play a vital role in the evolution of our existing products, while also driving the development of innovative new products and revenue streams to fuel further growth. Through our innovative product offerings, we aim achieve $1.5 billion in credit disbursals in the next five years.”
Bhavik Kaul, Chief Product Officer, PayU Finance, said, “India is highly underserved in the retail credit space with a deficit of over $300 billion. While the top of the pyramid has always enjoyed access via big banks the same has not been the case for the rest of India. At PayU Finance, our goal is to enable financial inclusion by focusing on data & ML algorithms to provide responsible credit to the next 250 million Indian users. To this end, we have developed a strong culture of innovating quickly, testing, learning and then scaling. We will continue to listen closely to our customers and work with our merchants, banking and network partners to enable diverse fintech experiences which are frictionless, easy to understand and anti-predatory.”