Fintech startup LoanTap raises $4m from Kae Capital, India Quotient, others

Financial services startup LoanTap Financial Technologies on Friday announced that it has closed its second funding round at $4 million.

The equity infusion was led by early-stage investor Kae Capital with participation from its existing investors including India Quotient and HNI Investors.

The funding also included a debt portion, which was raised from NBFCs such as IFMR and MAS Financial Services Ltd.

“Post funding Loantap aims to bolster collection features in its software, besides reaching out to Tier 2  & Tier 3 (major capital cities and business hubs) of India,” the company said in a release.

Founded in May 2016 by Satyam Kumar and Vikas Kumar, the company received its NBFC licence in July 2016.

In August last year, the Mumbai-based online non-banking financial company (NBFC) raised $3 million from high-net-worth individuals Abhishek Pandey and Jaysukh Sapra. The company had said, at the time, that it plans to use 85 per cent of the funds to extend loans and the rest to strengthen its technology and marketing.

LoanTap has an in-house integrated loan processing platform to disburse loans in a short amount of time. The company claims that its platform has received over 47,000 loan applications since its launch less than a year ago.

It says that 38 per cent of LoanTap’s credit portfolio comprises the revolutionary EMI-free product, which requires an applicant to only serve monthly interest on the loan outstanding, while he can schedule principal payments, based on his projected incentive or bonus credits.

Financial services, especially fintech, has emerged as one of the most attractive sectors for investors. Recently, point-of-sale venture Mswipe Technologies  raised a $31 million round of funding led by UCRNT Fund. Also, Gurgaon-based micro finance institution SV Creditline Ltd has raised Rs 20 crore ($3.1 million) in debt from Capital First.

Also Read:

India: LoanTap raises $3m from HNIs

India: Mswipe raises $31m led by UCRNT Fund, Axis Bank exits

Exclusive: Microfinance lender SV Creditline raises $3m debt from Capital First

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.