1st October 2019: LoanTap, a digital lending company, has raised $12 million in Series B led by Avaana Capital. The current round also saw participation from existing investors; 3one4 Capital, India Quotient, Shunwei Capital and Kae Capital.
LoanTap offers customised personal loans such as EMI Free Loan, Rental Deposit Loan, Holiday Loan, and other differentiated offerings to white collared salaried professionals. LoanTap is one of the few fintech start-ups that became profitable within 2 years of its operations.
Satyam Kumar, CEO and Co-founder of LoanTap said “LoanTap has created a strong technology backbone which offers a superior customer experience. We tripled our loan book last year and the current round of funding will further fuel this growth”
According to Avaana Capital, “LoanTap is using latest technology and has developed a robust underwriting process to build a high-quality portfolio. We believe that LoanTap is well positioned to emerge as a lender of choice for millennials and middle India. Keeping customer cash flow needs at the centre of product design provides more flexibility to the consumer while reducing risk”
With this fund raise, the Company has raised a total of USD 25 mn till date. It raised USD 8 million in January 2019, a round led by 3one4 Capital.
About Avaana Capital:
Avaana Capital provides growth capital to companies that use technology to drive innovation leading to superior financial returns and impact. Avaana invests in businesses that provide financial inclusion, access to goods and services, and market linkages to Middle India. The Fund leverages the deep operational experience and exceptional network access of its team and advisors to work alongside its investee companies and create innovative, inclusive and scaled businesses.
About LoanTap:
LoanTap was founded in May 2016 by Satyam Kumar and Vikas Kumar. Satyam has 19 years of experience in the loans business, having worked at IndusInd Bank, Deutsche Postbank, ICICI Bank and chemicals firm ICI India, where he has built teams, designed products and developed distribution channels.
Vikas, who is LoanTap’s Chief Technology Officer, has 20 years of experience in the software industry. Between 2000 and 2010, he founded and exited Brainvisa, a Pune-based e-learning firm.
