Bits & Banks - With Aditya Khandekar and Dipanjan 'DD' Das - Episode 4

In this episode of Bits & Banks, I sat down with Dipanjan “DD” Das for a deep dive into the real math behind why so many digital lenders never reach true profitability — and what it actually takes to build a sustainable, resilient lending business in today’s market.

Here’s what really stood out from the conversation:

Riding the J Curve to Growth

DD breaks down the classic mistake: ramping up loan growth feels like success, but in reality, you’re compounding risk. Every new account goes through a rocky start : the ‘unseasoned’ period, where defaults and losses pile up. The faster you scale, the more you’re stacking unseasoned risk, and the longer you stay in the red. The path to profitability means knowing when to accelerate versus optimize.

Portfolio Management: Beyond Acquisition

The smartest lenders today obsess over the entire customer lifecycle instead of just acquisition. Think:

“What’s the ideal spend pattern for a particular segment?”

“How early can we detect repayment stress—before a missed payment?”

“What intervention can rebalance this customer back to health?”

These are the questions Tier 1 institutions rigorously answer, underpinned by data and dynamic decisioning.

Lending is an Interconnected System

Your acquisition costs, loss rates, and revenue levers don't exist in isolation. Change one, and the others move. Sustainable growth comes from understanding the cause-and-effect in real time and continually refining the model for optimal outcomes.

Listen to the full episode.