India-based online lender Loantap secured a $3m Series A, led by angels Abhishek Pandey and Jaysukh Sapra.
Headquartered in Mumbai with the Back Office 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. “Our platform was established for the millennials, keeping in mind the otherwise risk-averse low-salaried loan segment. Instead of burning the entire capital on technology upgrades and distribution, we will chiefly utilise the money for creating end-user specific products and delivering it directly to retail customers,” Commenting on the capital raised, Satyam Kumar, CEO of LoanTap, said.