Canindia News

LoanTap raises $12 Mn in Series B funding

New Delhi, Oct 2 (IANS) Fintech firm LoanTap on Wednesday said it had raised $12 million in series-B funding led by Avaana Capital.

“The current round also saw participation from existing investors 3one4 Capital, India Quotient, Shunwei Capital and Kae Capital,” the firm said in a statement.

LoanTap offers customised personal loans such as EMI free loan, rental deposit loan and holiday loan and other products to salaried professionals.

It is one of the few fintech start-ups that became profitable within 2 years of its operations, the company claimed..

Satyam Kumar, CEO and Co-founder of LoanTap, said that the firm had tripled its loan book last year and the current round of funding will further fuel the growth.

With this fund raise, the Company has raised a total of $25 million till date. It had raised $8 million in January 2019, a round led by 3one4 Capital.

In an official statement, Avaana Capital said that LoanTap is using latest technology and has developed a robust underwriting process to build a high-quality portfolio.

–IANS

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