MobiKwik, a unicorn fintech company backed by Sequoia Capital, said on Friday that Mukul Saxena, a former employee of the IndusInd Bank, has been named CEO of its financial services and payment gateway platform Zaakpay.

Bipin Preet Singh, co-founder, MD and CEO of MobiKwik, said: “Mukul joins us at a strategic time, he will help us move towards our long-term goal of transforming into a full-service neobank.”

Saxena has over 20 years of experience in the financial environment and digital payments. He was previously Executive Vice President and Head of Payments at the IndusInd Bank. He was responsible for all card and payment operations, including debit cards, prepaid and merchant accounts, and oversees the payments product and business team.

He oversees IndusInd Bank’s alliances with major e-commerce merchants and fintech companies. Saxena has worked for several other banks and companies, including ABN AMRO and SABB (HSBC, Saudi Arabia).

MobiKwik was founded in 2009 as a digital wallet. Over the past few years, the fintech industry has expanded its offerings to buy now pay later (BNPL), payment gateways, lending, wealth management and insurance industries.
According to MobiKwik, which Sequoia Capital and Bajaj Finance back, its payments, credit and investment products are already available to about 127 million consumers and 3.7 million merchants. In fiscal 2021-2022, the company added about 22 million subscribers (FY22). The business generated revenue of Rs 540 crore in FY22, up 80% from the previous year. However, the company did not provide a profit and loss summary for FY22.