Pune-based digital lender LoanTap on Monday said it has secured debt funding of $2.9 million (around Rs 24 crore) from global investment firm Lighthouse Canton.
The startup plans to use the fresh funds for scaling and expanding its lending vertical.
Founded by Satyam Kumar and Vikas Kumar in 2016, LoanTap offers loans and overdraft products to salaried professionals with earnings of Rs 30,000 and above. Besides, the company also provides credit solutions to micro small, and medium enterprises (MSMEs) in personal finance, supply chain invoice financing and electric two-wheeler segments.
LoanTap, which counts Kae Capital, India Quotient, Avaana Capital, 3one4 capital and Tuscan ventures as among its investors, has raised close to $24.1 million (Rs 200 crore) in equity funding so far.
"We are excited about the solutions being offered on the LTFLoW platform, which is not only helping MSME and retail customers to avail loans but also modernizing lending processes at banks,” said Ankit Agrawal, Director of Venture Debt at Lighthouse Canton.
LoanTap competes with the likes of PaySense and EarlySalary.
Singapore-based Lighthouse Canton is a global investment firm with over $ 3 billion worth of assets under management and advisory and has offices in Singapore, Dubai, and India. This year, the firm marked the first close of its maiden India-focused venture debt fund LC Venture Debt at Rs 155.4 crore (about $19 million).
Online lending space has seen gaining a lot of investors’ traction for quite sometime now.
In August 2022 online lending platform EarlySalary raised $110 million in a Series D round of funding co-led by TPG’s The Rise Fund and Norwest Venture Partners. In 2020, consumer lending platform MoneyTap raised Rs 500 crore in a Series B round led by US-based VC firm Aquiline Technology Growth (ATG), RTP Global, and Sequoia India.
