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How LoanTap revolutionised personal loans for salaried professionals, growing its order book by 10x

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When LoanTap started its digital lending business in mid-2016, the conversation around fintech in India was hardly as loud as it is today. Of course, that changed with demonetisation later that year, but the narrative mostly remained focussed on payments and mobile wallets.

In the last 12-18 months, however, lending has emerged as the new investor favourite. It is not only the fastest-growing category in fintech right now, but it also accounted for nearly half of the equity deals in the sector last year. According to YourStory Research, lending startups raised a total of $1.21 billion in 2018, marking a 269 percent rise from 2016. The number of deals doubled as well.

LoanTap, too, raised funds (a mix of debt and equity) during this period - $6.25 million led by Shunwei Capital in 2018, and $8 million led by 3one4 Capital earlier in 2019, taking its overall capital infusion to about $21 million. Its other investors included Kae Capital, India Quotient, Tuscan Ventures, and Ashish Goenka, Chairman and Managing Director of Suashish Diamonds.

Satyam Kumar, Co-Founder & CEO, LoanTap

LoanTap's growth since 2016

The Pune-based startup’s growth almost mirrors the rise of online lending in India. With only seven to eight percent of the country’s population having access to formal credit, LoanTap’s simple, easy-to-access, flexible loan products have managed to woo the young salaried class - its primary target audience.

Satyam Kumar, Co-founder and CEO of LoanTap, tells YourStory,

“Our customers typically have a minimum salary of Rs 5.5 lakh per annum, and can borrow up to Rs 10 lakh from the in-house NBFC platform. Our aim has been to use technology to deliver fast and flexible loans to a tech-savvy millennial population, and maintaining a profitable loan book at the same........

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