Comments
Online NBFC platform LoanTap has secured $3 million in Series A investment round led by Mumbai-based high networth individuals Abhishek Pandey and Jaysukh Sapra.
The company will use the capital to expand its operations in NCR, Mumbai Metropolitan Region, Pune and Bengaluru. Nearly 85 per cent of the funding, which was led by Mumbai-based HNIs, will be used for onward lending by the platform, while a part of the remaining capital will also be used to augment its technology and distribution frameworks.
Headquartered in Mumbai with backoffice in Pune, LoanTap follows an agency-based collection model catering to the low-delinquency salaried segment with a job experience of merely 2-5 years in its first phase. The online platform also allows professionals to make flexible single and bulk payments that are convenient and cost-effective.
LoanTap was incorporated in the first half of 2016 by ex-banking professional Satyam Kumar and former tech professional Vikas Kumar.
rajesh.kurup@thehindu.co.in
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.