Digital lending firm LoanTap raises $12 million in series-B funding round, led by Avaana Capital. The current round also saw participation from existing investors, 3one4 Capital, India Quotient, Shunwei Capital and KaeCapital, a statement said.
The platform offers customised personal loans such as rental deposit loan and holiday loan to white-collared salaried professionals in India.
“LoanTap has created a strong technology backbone which offers a superior customer experience. We tripled our loan book last year and the current round of funding will further fuel this growth,” LoanTap Chief Executive Officer and co-founder Satyam Kumar said.
The firm claims to have turned profitable within two years of operations.
With this round of funding, LoanTap has raised a total of USD 25 million till date. It raised USD 8 million in January 2019, a round led by 3one4 Capital.