Earlier this week, India-based lending platform Loadtap announced it secured $3 million during its Series A funding round, which was led by HNIs, Dr. Abhishek, and Jaysukh Sapra.
LoanTap was launched earlier this year and is headquartered in Mumbai with an office in Pune. Its co-founders, Satyam Kumar and Vikas Kumar, have notably specialized in both retail loans and technology domains separately for nearly 20 years before joining forces to create a “new customer” experience. The platform itself helps customers choose customer made loan products from its NBFC & Banking Partners. This includes Overdraft Facility, Credit Card Takeover Loans, Rental Security Deposit Loans, Advance Salary Loans, and consumer durable loans.
“Loantap is an online platform committed to deliver flexible loan products to salaried professionals. We innovate in an otherwise dull loan segment, to deliver smart products for millennials. The idea is to use technology for building flexibility in products, without adding cost to it.”
Sharing details about the lending portal and the funding round, CEO of Loantap, Satyam, reportedly stated in a press release:
“The Series A investment is a strong validation of LoanTap’s robust business model and experienced promoters having a proven track record in technology, retail-asset underwriting and business scale-up. Instead of burning the entire capital on technology upgrades and distribution, we will chiefly utilise the money for creating end-user specific products and delivering it directly to retail customers. The funding will also enable us to grow in the loan market owing to our simple processes and product relevance.”
Funds from the funding round will be used for onward lending along with the platform’s development and distribution.