LoanTap, a Mumbai-based online lender, has raised $3m in a Series A round. The capital comes from angel investors.
The company targets salaried professionals, offering flexible loans tailored to users’ needs.
LoanTap says it will use the capital to expand its operations around India’s National Capital Region, the Mumbai region, Pune and Bangalore.
The company says the 85% of the new round will go towards onward lending and increasing the amount of loans issued by the service. The money will also be used to further develop its technology platform.
With an average loan size of $10,000, LoanTap is currently focused on lending to salary-earning professionals, but plans to move into the micro, small and medium-sized businesses space.
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