23 June 2017, India:
LoanTap Financial Technologies, an online personal loan company with in-house NBFC has raised $4 million in the latest round of funding. The round comprises of a mix of equity and debt instruments from Kae Capital, India Quotient, IFMR and MAS Financial Services.
Satyam Kumar, CEO, LoanTap said, “We have been able to demonstrate that for discerning millennials, product experience far outweighs upfront pricing modules adopted by traditional lenders in India. Customers are choosing products that deliver flexibility, seamless experience and lifetime cost advantage over perceived financial benefits.”
“Satyam and Vikas together bring strong expertise in Credit, Sales and Technology. They have demonstrated strong growth and are able to differentiate with their innovative products and processes which make their value proposition very compelling,” said Navin Honagudi, Investment Director at Kae Capital.
Kshama Fernandes (MD & CEO, IFMR Capital) – “LoanTap is an innovator in the fintech space, carving a niche position for itself and creating a competitive moat through its unique sourcing model. During our analysis and benchmarking, LoanTap’s objective of enhanced customer experience through technology and innovation is what we found most interesting.”
Kamlesh Gandhi (MD, MAS Financial Services Ltd ) “The most striking characteristic we found about Loan Tap, led by Satyam and Vikas is their understanding of the fundamentals of credit delivery, i.e. “Extending credit where it is due.” And using technology as a strong enabler. We visualize a long term synergy with the company, given this understanding”.
“We saw strong demand reflecting in the growth since our last round of investment and we believe that innovative personal loan products from Loantap would serve a large segment not served by traditional banks”, said Madhukar, Co-Founder at India Quotient.
The innovation-driven platform features class leading credit quality and reported zero non-performing assets at the end of FY2017. At present, the platform is receiving 5,400 to 6,000 loan enquiries every month resulting in more than 600 files make initial cut and travel through robust credit process.
Equity infusion to the platform was led by Kae Capital with participation from its existing investors including India Quotient and HNI Investors. On the other hand, debt has been raised from leading NBFCs such as IFMR and MAS Financial Services Ltd.