Mumbai-based LoanTap Financial Technologies Pvt. Ltd is an online platform delivering flexible EMI-free loan and Overdraft products to salaried professional.
Bengaluru, 18 Jan, 2019. RedNewswire/-
Founded in 2016 by Vikas Kumar and Satyam Kumar, LoanTap has raised $8 Mn through a combination of debt and equity in its fifth round of fundraising led by Bengaluru-based early-stage venture capital fund 3one4 Capital.
Existing investors Shunwei Capital, Kae Capital, India Quotient, Tuscan Ventures and Ashish Goenka, managing director of Suashish Diamonds also participated in the round.
This round comes close on the heels of an equity fundraise that happened in July last year when Shunwei Capital came in. The company had raised $6.25 million at that time.
Satyam Kumar, CEO of LoanTap, said, “We have always worked hard to on-board right partners. 3one4 Capital brings in a unique blend of expertise in core tech investing and a deep sectoral understanding along with an immense network that includes its marquee LPs. We are looking forward to partnering with Pranav, Siddarth, and the team at 3one4 Capital.”
Pranav Pai, Founding Partner of 3one4 Capital, said that, “By giving their customers more choice, better information, reduced complexity, and allowing for personalization, the LoanTap team has demonstrated a true understanding of the elements that go into building an institutional presence in their space. They have utilized their deep domain expertise to build a platform that reduces uncertainties, eliminates friction, and integrates all the necessary components to diligently facilitate the best possible offering for their customers. As a result, their customers are already seeing a solution that very clearly works on their behalf to ensure the optimal experience that lowers costs, increases transparency, and extends additional flexibility. We are looking forward to partnering with the LoanTap team to help build a best-in-class institution that delivers consistency at scale.”
Loantap offers personal loans to salaried professionals earning Rs 30,000 and above and gives loan tenures from six months to five years. The company, whose loans range between Rs 50,000 and Rs 10 lakh, charges anywhere between 15-24% in annual interest.
Latest technology is utilized for key processing steps like loan application, credit worthiness assessment and disbursal mechanism that helps customer save time in getting faster access to credit.