LoanTap raises debt funding from Lighthouse Canton
- The Pune-based startup plans to utilise the current funds raised towards scaling and expansion of its LTFLoW platform
Loantap Financial Technologies Pvt. Ltd which operates the digital lending platform Loantap announced on Monday that it has raised $2.9 million ( ₹24 crore) in a debt funding round led by venture debt fund Lighthouse Canton.
The Pune-based startup plans on utilising the current funds raised towards scaling and expansion of its LTFLoW platform.
Founded in 2016 by Satyam Kumar and Vikas Kumar, LoanTap offers loans and overdraft products to salaried professionals. The platform offers personal loans to salaried professionals earning ₹30,000 and above and gives loan tenures from six months to five years.
The company, whose loans range between ₹50,000 and ₹10 lakh, charges anywhere between 15-24% in annual interest. Additionally, it also provides credit solutions to micro small, and medium enterprises (MSMEs) in personal finance, supply chain invoice financing, and electric two-wheeler segments.
The company has cumulatively raised approximately $24.1 million ( ₹200 crore) in equity with its last equity funding round being its Series B round in 2019, wherein it raised $12 million. The company has been previously backed by Kae Capital, India Quotient, Avaana Capital, 3one4 capital, and Tuscan ventures.
Ankit Agrawal, Director of Venture Debt at Lighthouse Canton said, "We are excited about the solutions being offered on the LTFLoW Platform, which is not only helping MSME and Retail Customers to avail loans but also modernizing lending processes at Banks.”
LoanTap competes with the likes of PaySense and EarlySalary. In August 2022 online lending platform EarlySalary raised $110 million in a Series D round of funding co-led by TPG’s The Rise Fund and Norwest Venture Partners. In 2020, consumer lending platform MoneyTap raised ₹500 crore in a Series B round led by US-based VC firm Aquiline Technology Growth (ATG), RTP Global, and Sequoia India.
Singapore-based Lighthouse Canton is a global venture capital firm with over $ 3 billion worth of assets under management and advisory and has offices in Singapore, Dubai, and India. This year, the firm marked the first close of its maiden India-focused venture debt fund LC Venture Debt at ₹155.4 crore (about $19 million).
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First Published:6 Feb 2023, 07:54 PM IST
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