02 April 2018, India:
Fintech startup OpenTap has raised ₹3 crore ($450,000) in a funding round from a group of HNIs (High Net-worth Individuals).
The development was first reported by Economics Times.
The startup will use the fresh capital to strengthen its technology infrastructure and widen the reach of its financial services network across India.
Senthil Natarajan, co-founder and CEO of OpenTap. said, “The opportunities for alternate lending in our country is immense and is definitely set to redefine lending services in India. While most of the established financial institutions continue to focus on the higher strata customer segment, there is a sizeable opportunity in the mid to lower segment of the blue collar workforce, who lack the security or the credit scores needed by these institutions to raise a loan in time of need.”
Natarajan added, “Having established a strong footing in the alternate lending space, the additional funds will be very useful to further propel our growth. We will also utilize the funds for team enhancement and marketing, to continue identifying and servicing credit-worthy customers.”
OpenTap was founded by Senthil Natarajan, Harish Devarajan and Suresh Venkataramaniin 2015. It is a disruptive AltFin startup. It enables access to short term credit for the vast under banked population.
(Image – OpenTap)