The Digital Lender . LoanTap has its own SaaS platform called LTFLoW, which enables the company to design and develop customized products.
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Applying for a loan could be a tiring task, especially when navigating through the myriad of options and paperwork, and this was what Satyam Kumar wanted to solve and simplify with LoanTap. Launched in 2016, the LoanTap is a digital credit platform for salaried and self-employed people.
"Central to any lending ecosystem is its credit underwriting efficiency. Our credit underwriting process is heavily based on our proprietary AI engine that drastically improves our credit decisioning and beats industry standards by enhancing our ability to deliver more personalised loan offerings to our customers," Satyam Kumar, CEO & Co-Founder, LoanTap shared.
Kumar believes that access to credit has been made easier by the penetration of digital lending apps, simplified KYC process, and streamlined repayment options. LoanTap has its own SaaS platform called LTFLoW, which enables the company to design and develop customized products. It is also one of the few platforms that provide complete integrated solutions on a single platform, including Loan Sourcing (LOS), Loan Delivery, Collection and Asset Management Systems.
LoanTap has always been proactive and up-to-date with the regulations and technologies like AA, OCEN and introduction of new digital infrastructure to make good which can be also leveraged by new fintechs. "Aligning with necessary guidelines and regulations will ensure smooth business operations and allow fintechs to leverage the growing financial ecosystem in the country. We, at LoanTap, have always been proactive and up-to-date with the regulations and technologies like AA, OCEN and introduction of new digital infrastructure to make goodwhich can be also leveraged by new fintechs."
The company has an anchor-led distribution stack, marketplace for capital coverage, and in-house NBFC. In 2019, the company raised INR 395 million in series B round led by AVANA Capital. Going forward, the company plans to continue to create innovative products and expand into different markets
Factsheet
Amount of funding received: USD 29.7mn
Year of inception: 2016
No. of employees: 125-150
No. of App downloads: Close to 3mn
Current Turnover: INR 100 Cr approx
