Tortoise Thrift Company: Tortoise Thrift Company Hires Nikhil Joy as Co-Founder

The company Save Now, Buy Later (SNBL) Tortoise said it had hired fintech product leader Nikhil Joy as a co-founder. Prior to joining Tortoise, Roy was Vice President and Chief Product Officer at ZestMoney and was responsible for growing the consumer lending startup. In her new role, Joy would oversee product development and growth.

“Nikhil has seen the market for BNPL grow and has also witnessed the challenges that come with it. There is a huge need for innovation in savings and we believe Nikhil is best equipped to drive the SBNL product at Tortoise,” said Vardhan Koshal, co-founder and CEO of Tortoise.

Founded in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala, Tortoise is a fintech app that encourages saving for big purchases. The Tortoise app offers users the chance to save for future purchases by creating a savings plan and earning rewards in the process.

An employee turned founder, Joy is an alumnus of IIM-K and is also a member of the RBIH-UIDAI working group for innovation in KYC and identity management.

“After working in the Buy Now Pay Later space for a long time, I realized that the depth of the Indian market required affordability solutions that go beyond simple credit. Tortoise is a rewarding way for consumers to buy things without having to pay the full cost all at once while getting the best possible value on their purchase,” Joy said.

Recently, the RBI has hit the BNPL segment hard by laying its regulatory ax on micro-sized instant loans from fintech startups. These digital loans have grown exponentially over the past half-decade and have forced young people to take credit for purchasing products beyond their reach. The banking regulator has cut the BNPL in a bid to contain inflation and ensure consumers don’t fall into the debt trap

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