LoanTap Raises $3mn In Series A Funding
Professionals in for some credit!
FinTech startup LoanTap’s Series A funding was primarily led by HNIs Abhishek Pandey and Jaysukh Sapra.
Founded by Satyam Kumar and Vikas Kumar in 2016, LoanTap is a lending platform for salaried individuals. The startup provides EMI-free loans up to an amount of Rs. 10 lakh to salaried professionals in various fields.
Using LoanTap, users can avail a list of products from regular EMI-based loans, EMI free loans to the personal line of credit. One can also choose customized loan products like overdraft facility, credit card takeover loans, rental security deposit loans, advance salary loans and consumer durable loans.
The loans are disbursed directly through its in-house RBI-registered NBFC to ensure a transparent pricing structure. This differentiates the platform from others who majorly work as an aggregator in this space.
The recently raised funds will primarily be used by the startup to expand its operations in Indian regions like NCR, Mumbai Metropolitan Region, Pune, and Bengaluru.
Along with this, the funds will also help the startup create end-user specific products and deliver them directly to retail customers. As per a press statement, approximately 85% of the funding will be used for onward lending by the startup.
The remaining capital will focus on augmentation of its technology and distribution frameworks.
Do you think LoanTap will really benefit the salaried individuals? Please share your thoughts in the comments section below.
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