LoanTap a Bengaluru-based digital lending company has successfully raised $12 million in Series B funding led by Avaana Capital. This company is an online non-banking financial company (NBFC) which was founded by Satyam Kumar and Vikas Kumar and received it’s NBFC license in 2016. The company till date has successfully raised $25 Million for its operations. The investment series also saw participation from India Quotient, Kae Capital, 3one4 Capital and Shunwei Capital. LoanTap in January 2019 raised $8 million in an investment series led by 3one4 Capital.
The start-up in the year of 2018, raised $6.25 million from Shunwei Capital with co-participation from Tuscan Ventures and Ashish Goenka from Suashish Diamonds. In 2017, the company raised $4 million from IFMR, India Quotient, Kae Capital, and MAS Financial Services Ltd. in Series B funding.
LoanTap provides to its potential client’s tailored personal loans such as holiday loan, EMI free loan, rental deposit loan, and numerous other distinguished offerings which are basically favourable to white-collared salaried professionals. The establishment claims to have accomplished profitability within just two years of unveiling.
The company has numerous competitors in the market including EarlyPay, Upwards, PaySense, Faircent, FlexiLoans, LendingKart, CapitalFloat, Rubique, Simpl, Money Tap and EarlySalary among others.
LoanTap makes use of efficient technology to distribute smart and innovative products for millennials. Borrowers can select custom-made loan products from a collection of offerings like credit card takeover loans, advance salary loans, overdraft facility, rental security deposit loans, and consumer durable loans. Recorded as LoanTap Credit Products Pvt Ltd with the RBI, the start-up is, in spirit, is an NBFC offering exclusive products and features within the regulatory guidelines, and confirms a fully transparent pricing edifice.
The Chief Executive of LoanTap, Satyam Kumar, mentioned that LoanTap has developed a sturdy technology backbone which provides superior customer experience. The company has tripled their loan book since last year and the current funding round will further fuel more growth.
With the investment step, founder of Avaana Capital, Anjali Bansal, mentioned that LoanTap has been using modern technology and has advanced a vigorous underwriting process to develop a high-quality collection. We strongly believe that LoanTap is well-positioned to arise as a lender of choice for millennials and middle India. Keeping customer cash flow requirements at the centre of product design offers more flexibility to the consumer while reducing risk.