05 July 2018, India:
Fintech Startup LoanTap has raised $6.25 million in its third round of equity funding. The funding round was led by venture capital firm Shunwei Capital. Tuscan Ventures, Ashish Goenka (owner of Suashish Diamonds), and existing investors India Quotient, Kae Capital also participated in the funding round.
“We have been breaking new ground in the cluttered salaried segment by designing products which match the speed and spend patterns of the tech-savvy, instant consumption, modern-day employee. This is the reason why our EMI-free loans and salary overdraft are well received in the market. Unlike other fintech startups we are focused on a profitable loan book. Even with experimentation, we have been able to keep our cash burn to a minimum and were able to become profitable in the second year of business itself,” said Satyam Kumar, Executive Director of LoanTap.
The company will roll out three ‘Do it Yourself’ products in the personal loan space and two products in the consumer durable space this year.
“We are quite interested in the personal loan and consumption space in India and find it quite an under-penetrated market. LoanTap, with its strict credit quality algorithm, is well placed to capture this market,” said Tuck Lye Koh of Shunwei Capital.
LoanTap was founded by Satyam Kumar and Vikas Kumar in 2016. It offers quick and cost-effective loan solutions to salaried professionals.
(Image – e27)