BusinessLatest NewsStartUp News

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.

About LoanTap

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.

Fund Utilization

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.

Subscribe with us to get your dose of interesting news, research & opinions in the startup segment. Fill the form below:[email-subscribers namefield=”YES” desc=”” group=”Public”]


Get Free Email Updates!

Signup now and receive an email once I publish new content.

I agree to have my personal information transfered to ConvertKit ( more information )

I will never give away, trade or sell your email address. You can unsubscribe at any time.

The Author

Startup-Buzz Team

Startup-Buzz Team

Startup-buzz Team is a collaborative group of entrepreneurs, researchers, writers and experienced professionals. Tied up together to bring the latest Startup Buzz going around the globe.

Previous post

Dictate The Price You Want To Pay For Your Hotel Stay With FindMyStay

Next post

‘Big Bazaar Direct’ To Call It Off