21st January 2021: Aye Finance, fintech lender to the MSME Sector announced the joining of Ujual George as Chief Risk Officer. Ujual, an alumnus of Indian Institute of Management Bangalore, has held various leadership positions in his career of over 25 years in banking and financial services.
His last assignment was with RBL Bank, where he served on its management committee and led the transformation agenda of the bank. In his new role as CRO, Ujual will be responsible for strengthening the risk management capabilities and driving operational transformation at Aye Finance.
Sanjay Sharma, Managing Director of Aye Finance commented on the new appointment “Our rapid growth in scale, rising customer expectations, ubiquitous technology and evolving regulatory environment have increased the complexities of managing our business. It is essential that we keep a sharp focus on risk identification and management – both in conventional and emerging areas. I am glad that an experienced professional like Ujual with multifunctional expertise and established track record is joining us to further strengthen our risk culture.”
Ujual George also commented on joining the Aye’s leadership team “I am delighted to join Aye Finance. It is a company that has transformed thousands of micro enterprises in the country in a very short time while building a profitable business. I look forward to working with the Board and Management to establish a robust risk management framework that will enable and empower the organization to achieve its ambitious business plans.”
Having established an innovative paradigm in micro enterprise lending in India through its “Cluster Based Credit Assessment” methodology, Aye has now developed various Artificial Intelligence / Machine Learning models to extend credit to a much larger population of micro enterprises, establishing a tighter control on its asset book quality along with bringing improved efficiencies in its processes.
The company closed its Series E equity round, which was led by CapitalG (Alphabet Independent growth fund) of Rs 210 cores in June 2020 and raised multiple debt rounds from leading global impact investors all through the year.