Displaying strong growth metrics, leading fintech firm LoanTap raises USD 4 million
Author(s): City Air NewsThe round was led by Kae Capital, India Quotient, IFMR, and MAS Financial Services Ltd along with Angel Investors Mumbai, June 23, 2017: LoanTap Financial Technologies, an online personal loan company with in-house...
The round was led by Kae Capital, India Quotient, IFMR, and MAS Financial Services Ltd along with Angel Investors
Mumbai, June 23, 2017: LoanTap Financial Technologies, an online personal loan company with in-house NBFC has announced closing of its second round funding at USD 4 million. The round comprises of a mix of equity and debt instruments from Kae Capital, India Quotient, IFMR and MAS Financial Services Ltd.
This continues the build up towards an already exceptional year for LoanTap, which saw a steady increase in loans throughout the year propelled by innovative product portfolio and industry leading turnaround time, 36 hours for a loan delivery in majority of the cases.
Equity infusion to the platform was led by Kae Capital with participation from its existing investors including India Quotient and HNI Investors. On the other hand, debt has been raised from leading NBFCs such as IFMR and MAS Financial Services Ltd.
Commenting on the development, Satyam Kumar, CEO, LoanTap said, “We have been able to demonstrate that for discerning millennials, product experience far outweighs upfront pricing modules adopted by traditional lenders in India. Customers are choosing products that deliver flexibility, seamless experience and lifetime cost advantage over perceived financial benefits.”
"Satyam and Vikas together bring strong expertise in Credit, Sales and Technology. They have demonstrated strong growth and are able to differentiate with their innovative products and processes which make their value proposition very compelling," said Navin Honagudi, Investment Director at Kae Capital.
Kshama Fernandes (MD & CEO, IFMR Capital) - “LoanTap is an innovator in the fintech space, carving a niche position for itself and creating a competitive moat through its unique sourcing model. During our analysis and benchmarking, LoanTap's objective of enhanced customer experience through technology and innovation is what we found most interesting."
“We saw strong demand reflecting in the growth since our last round of investment and we believe that innovative personal loan products from Loantap would serve a large segment not served by traditional banks”, said Madhukar, Co-Founder at India Quotient.
Kamlesh Gandhi (MD, MAS Financial Services Ltd ) “The most striking characteristic we found about Loan Tap, led by Satyam and Vikas is their understanding of the fundamentals of credit delivery, i.e. “Extending credit where it is due.” And using technology as a strong enabler. We visualize a long term synergy with the company, given this understanding”.