Mumbai-based LoanTap Financial Technologies Pvt. Ltd, a digital platform that offers loans and overdraft products to salaried professionals.
the funding round was led by by Chinese venture capital firm Shunwei Capital and saw participation by new investors Tuscan Ventures and Ashish Goenka and existing investors India Quotient and Kae Capital.
The fintech startup will use the fresh injection of cash to improve its loan book and lure more customers to offer its services.
LoanTap has raised over $20 million in debt and equity, so far. It also plans to leverage an additional $30 million in debt this year.
Founded in May 2016 by Satyam Kumar and Vikas Kumar, LoanTap has an in-house NBFC platform delivering ten different loans such as EMI Free loans, personal loans, credit card takeover loans, advance salary, rental deposits, wedding loans, and others at an annual interest rate of 18 per cent.
With average loan size of Rs 3 lakh, the firm lends up to Rs 10 lakh for an average period of around 48 months.
So far, LoanTap claims to have disbursed Rs 100 crore to more than 5,000 customers, mainly for their personal requirements like travel and wedding expenses.
Previously, LoanTap had raised $3 million Series A funds from Mumbai-based HNIs Abhishek Pandey and a few others. In 2017, it raised another round of $4 million in Series B funding led by Kae Capital, India Quotient, IFMR, and MAS Financial Services along with angel investors.