BackLoantap raises $12 million in Series B funding round
Founded by Satyam Kumar and Vikas Kumar, the company received its NBFC license in July 2016Including the current round, Loantap has raised a total of $25 million till date
PremiumBengaluru: LoanTap Financial Technologies Pvt. Ltd, an online non-banking financial company (NBFC) has raised $12 million in Series B funding round led by Avaana Capital, along with participation from existing investors including 3one4 Capital, India Quotient, Shunwei Capital and Kae Capital.
LoanTap offers customized personal loans such as EMI free loan, rental deposit loan, holiday loan, and other differentiated offerings to white-collared salaried professionals. The company claims to have achieved profitability within just two years of launch.
Founded in May 2016 by Satyam Kumar and Vikas Kumar, the company received its NBFC license in July 2016. Including the current round, Loantap has raised a total of $25 million till date. It had last raised $8 million in January 2019, in a round led by 3one4 Capital.
“LoanTap has created a strong technology backbone which offers a superior customer experience. We tripled our loan book last year and the current round of funding will further fuel this growth," said Satyam Kumar, chief executive of LoanTap in a statement.
“LoanTap is using latest technology and has developed a robust underwriting process to build a high-quality portfolio. We believe that LoanTap is well positioned to emerge as a lender of choice for millennials and middle India. Keeping customer cash flow needs at the centre of product design provides more flexibility to the consumer while reducing risk," added Anjali Bansal, founder of Avaana Capital.
Loantap competes with other white-collar workforce focused lending platforms such as EarlySalary, PaySense, Upwards, and other pay later apps like LazyPay and Simpl.
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