Loantap, a Pune-based digital lending company has raised $12 million in the Series B funding round led by Avaana Capital. Many existing investors like India Quotient, Shunwei Capital, Kae Capital and 3One4 Capital also took part in the funding round. Talking about the funding, Satyam Kumar, the Chief Executive Officer of Loantap said, “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.”

The lending platform will use the funding for reaching out to the traditional lenders for debt that would be deployed by the company.

Loantap provides customised personal loans to its clients such as rental deposit loan, holiday loan, EMI Free Loan and other credit products to salaried professionals.

Started in 2016 by Satyam Kumar and Vikas Kumar, Loantap claims to already making profits and currently holds a loan book of INR 250 cr and has a customer base of 24,000. Moreover, the company is also seeing an increase in the disbursals at a rate of more than three per cent month on month. Kumar added that the company has now secured over $8 million from the new investors in this round and the rest of the investment came from their existing investors.

Loantap has raised a capital of $25 million as of now from fundraising. Earlier this year in January 2019, 3one4 Capital invests around $8 million in the company. Furthermore, last year it secured $6.25 million from Shunwei Capital as well, with seeing co-participation from Tuscan Ventures and Suashish Diamonds’ Ashish Goenka.

The Mumbai-based digital lending platform has raised capital funding for the sixth time now, since its inception. Operated by LoanTap Financial Technologies, Loantap offers its services across 14 cities as of now and has also made tie-ups with other NBFCs and banks for the easy disbursal of loans.