LoanTap, a fintech startup has raised $12 million in series B round of funding led by Avaana Capital. The current round also saw participation from existing investors including 3one4 Capital, India Quotient, Shunwei Capital, and Kae Capital, cited Yourstory.
Anjali Bansal, Founder, Avaana Capital, said, “LoanTap is using the 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.”
LoanTap was founded by Satyam Kumar and Vikas Kumar in 2016. The digital lending platform LoanTap offers customised personal loans such as EMI-free Loan, rental deposit loan, holiday loan, and other differentiated offerings to white collared salaried professionals.
The startup LoanTap claims that it is one of the few fintech startups that became profitable within two years of its operations.
Satyam Kumar, CEO and Co-founder, 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.”