Plutus Software Pte Ltd, the parent company behind Singapore- and Indonesia-based personal loans portal LoanGarage.com and KreditAja.com, recently announced the hire of their latest chief technology officer (CTO), Jagannathan Janagyraman. The online and mobile marketplace seeks to help borrowers compare and lock-in personal loans from multiple lenders and/or banks.
The company also shared that the new hire coincided with the recent closing of “an undisclosed six-digit Pre-Series A funding bridging round”. Led by the managing directors of Blackstone Advisory Partner and Macquarie Bank Singapore, and SW3 Capital Ltd, a London-based investment company, this prepares the Plutus for its next funding opportunity.
According to CEO Aidil Zulkifli, the personal loans market in Singapore and Indonesia is US$51.6 billion and US$273 billion respectively. Both sites have seen “a soaring demand in personal loan products amongst customers”. This is especially so in the “fast emerging market of Indonesia.”
In that case, with more than 16 years of experience, Jagannathan, a former head of engineering at Singapore-based PropertyGuru and Yahoo! Southeast Asia and India, will be “actively involved” in helping the company become Asia’s “Kayak.com for personal finance products”.
Aidil said that they have been on this CTO search for almost a full year. He added:
“We received many applications and referrals but I believe in partnering with the very best and surrounding myself with people infinitely smarter than myself. Jagannathan’s hire comes at a critical timing when we are intensifying our efforts to build the best technological platform – not just some web-front comparison site – for personal finance comparison in Asia, which will add real and sustainable value to both our partners and consumers. Furthermore, Jagannathan’s hire shows that early-stage startups can attract top-notch talent if the startup’s vision is extremely compelling and universe-denting.”
Jagannathan also shared that he would like to see technology disruption in the personal finance space, which fueled his decision to join Loangarage.com. He added, “[I am] looking forward to build strong engineering teams and driving an exciting product strategy with robust technology and compelling roadmap.”