raises $8 million funds in debt and equity

Must Read

How to choose an effective DDoS mitigation plan

There are several flavours from which to choose when selecting an effective DDoS mitigation strategy. Most enterprises opt for one of the cloud protection flavours (always-on or on-demand)

How tech bolster security of online gaming platforms

The rise of online and is evident throughout the world’s financial capitals with the UK, US, and a few other European nations at the forefront

Explained: The evolving nature of cybersecurity threats

Concerns such as hacking and the presence of computer viruses have existed for decades in one form or another. As technology evolved over the years, so did the cybersecurity  threats themselves.

has raised $8 million through a combination of Equity and Debt instruments, said the company. 3one4 Capital led 5th round of funding, which saw participation from all existing investors; Shunwei Capital, Kae Capital, India Quotient, Tuscan Venture and angel investor Ashish Goenka.

“We have always worked hard to on-board right partners. 3one4 Capital brings in a unique blend of expertise in core tech investing and a deep sectoral understanding along with an immense network that includes its marquee LPs. We are looking forward to partnering with Pranav, Siddarth, and the team at 3one4 Capital,” said LoanTap CEO Satyam Kumar.

The said that the present liquidity squeeze was temporary in nature and that the industry had weathered many such situations in past, like in 2013 and 2008. LoanTap offers EMI Free Loans, Personal Overdraft, Rental Deposit Loans and Credit Card Takeover Loans that focuses on monthly cash outflow of salaried professionals.

The startup claimed that its customised loans match speed and instant consumption patterns of the tech-savvy millennial. Latest technology is utilized for key processing steps like loan application, credit worthiness assessment and disbursal mechanism that helps customer save time in getting faster access to credit.

The company said that it has become profitable within first five quarters of its operation and its loan book is growing at 12% on monthly basis.

“By giving their customers more choice, better information, reduced complexity, and allowing for personalization, the LoanTap team has demonstrated a true understanding of the elements that go into building an institutional presence in their space. They have utilized their deep domain expertise to build a platform that reduces uncertainties, eliminates friction, and integrates all the necessary components to diligently facilitate the best possible offering for their customers,” claimed Pranav Pai, Founding Partner of 3one4 Capital.

“As a result, their customers are already seeing a solution that very clearly works on their behalf to ensure the optimal experience that lowers costs, increases transparency, and extends additional flexibility. We are looking forward to partnering with the LoanTap team to help build a best-in-class institution that delivers consistency at scale,” Pai said.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

Sapience Analytics signs distribution agreement with Redington

Sapience Analytics and Redington said that they have entered into a distribution agreement where latter will resell the Sapience Vue solution through its network of over 30,000 channel partners, system integrators, and value-added resellers countrywide.
- Advertisement -SAP Hana

Related Articles