FinTech company LoanTap on Thursday announced raising funds worth USD 6.25 million by Shunwei Capital amongst others.
After closing its latest round of funding, LoanTap has cumulatively raised over USD 20 million in Debt and Equity. It plans to leverage an additional USD 30 million in debt this year.
LoanTap has merged traditional banking risk management with the agility of a FinTech startup to create a customer-centric lending Experience. With an in-house NBFC and a seamless web experience, LoanTap has played on Innovative Product Design and best-in-class Time-to-Disbursement to carve a niche for itself in the Salaried Segment.
"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 Executive Director LoanTap, Satyam Kumar.
"We are also rolling out three 'Do it Yourself' products in the Personal Loan Space and two Products in the consumer durable space this year," added Kumar.
"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.
"We believe that a good understanding of consumer credit coupled with a frictionless delivery process will help LoanTap provide a differentiated experience to its users," said MD, Tuscan Ventures, Shagun Kapur Gogia.
LoanTap is rapidly increasing its loan book. It has coupled the rapid growth with prudence to create one of the few FinTech startups which became profitable in the second year itself. LoanTap also enjoys one of the lowest OPEX and CAC (Customer Acquisition Cost) in the industry.
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