Funds to be used for onward lending and enhancing its technology and distribution solutions
Mumbai, August 29th, 2016: LoanTap, a one-of-its-kind fintech with an inhouse NBFC platform delivering flexible EMI-free loan and Overdraft products to salaried professionals, has announced securing funds worth $3Mn in a Series A inves
Commenting on the capital raised, Satyam CEO of LoanTap, said, “Our platform was established for the millennials, keeping in mind the otherwise risk-averse low-salaried loan segment. The Series A investme
Headquartered in Mumbai with the BackOffice in Pune, LoanTap follows an agency-based collection model catering to the low-delinquency salaried segment with a job experience of merely 2-5 years in its first phase. The online platform also allows professionals to make flexible single and bulk payments that are convenient and cost-effective.
Currently emphasizing exclusively on the upwardly-mobile salaried professionals, LoanTap envisions penetrating deeper into the salaried segment. It eventually aims to tap into the MSME sector with an average loan size of Rs 6 Lakhs by expanding to the top 10 cities of the country and reaching a book size of INR 750 crores in the next 3 years.
LoanTap is a fintech platform delivering a bouquet of Loan Products to salaried professionals. From the Regular EMI based Loans, to EMI Free Loans to Personal Line of Credit LoanTapcaters to all the requirements of a budding Salaried Professional. Unlike most FinTech Companies it is not an aggregator platform and directly dispenses Loans through its inhouse NBFC. It uses technology to deliver smart and innovative products for millennials. Borrowers can choose custom- made loan products from an array of offerings like Overdraft Facility, Credit Card Takeover Loans, Rental
Security Deposit Loans, Advance Salary Loans and consumer durable loans. Registered with RBI, it has an inhouse NBFC offering unique products and features within the regulatory guidelines, thereby ensuring a fully transparent pricing structure.
Headquartered in Mumbai and operational in Pune as well, LoanTap was incorporated in the first half of 2016 by ex-banking professional Satyam Kumar and former tech professional Vikas Kumar. This online platform in its first phase has ventured into the low delinquency salaried segment that is characterised by a job experience of merely 2-5 years. The company manages to stand out for its speedy disbursement of loans with an average amount of Rs 4 lakhs for 15 days to 5 years. It also makes a pitch for flexible single and bulk payments that are convenient and cost-effective.
The company eventually aims at tapping the MSME sector with an averag