• The Pune-based startup plans to use the existing funds raised to scale and expand its LTFLOW platform
Loantap Financial Technologies Pvt. Ltd., which operates a digital lending platform, on Monday announced that it has raised $2.9 million (₹24 crore) in a debt funding round led by venture debt fund Lighthouse Canton.
The Pune-based startup plans to use the existing funds raised for the expansion and scaling of its LTFLoW platform.
Founded in 2016 by Satyam Kumar and Vikas Kumar, LoanTap provides loan and overdraft products to salaried professionals. The platform offers personal loans to salaried professionals earning ₹30,000 and above and loan tenures ranging from six months to five years.
The company, whose loans range between ₹50,000 and ₹10 lakh, charges anywhere between 15-24% in annual interest. Additionally, it also provides loan solutions to micro, small and medium enterprises (MSMEs) in the personal finance, supply chain invoice financing and electric two-wheeler segments.
The company has cumulatively raised approximately $24.1 million (₹200 crore) in equity, with the last equity funding round being the Series B round in 2019, in which it raised $12 million. The company was previously backed by KA Capital, India Quotient, Avana Capital, 3one4 Capital and Tuscan Ventures.
Ankit Agarwal, Director, Venture Debt, Lighthouse Canton, said, “We are excited about the solutions being offered on the LTFlow platform, which is not only helping MSME and retail customers access loans, but also improving the lending processes at banks. is also modernizing the
LoanTap competes with Paysense and EarlySalary. In August 2022, online lending platform EarlySalary raised $110 million in Series D round of funding co-led by TPG's The Rise Fund and Norwest Venture Partners. In 2020, consumer lending platform MoneyTap raised ₹500 crore in Series B round led by US-based VC firm Aquiline Technology Growth (ATG), RTP Global and Sequoia India.
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