Online lending platform LoanTap said to raise $6.25m in funding

India-based online lending platform LoanTap has reportedly collected $6.25m in a funding round led by Shunwei Capital.

Capital was also supplied by Tuscan Ventures and Suashish Diamonds owner Ashish Goenka, according to various reports in the media. A number of existing backers also took part in the round, including India Quotient and Kae Capital, they said.

LoanTap is a digital lender that helps consumers in India get access to a variety of loan types for up to 10 Lakhs ($14,500). Loans available include, personal loans, credit card takeover, advance salary, bike loans, rental deposits, EMI free loan, wedding loans, and holiday loans.

The company also offers a personal overdraft, which is a credit line available when needed for emergencies or unexpected purchases. This offering also provides expense management tools and an unrestricted repayment.

This capital injection will be used to leverage around $29.1m from lending institutions to help it increase its level of funding, the articles state.

Last year, the company raised $4m in its Series B round which was led by Kae Capital. The investment also had backing from India Quotient, IFMR and MAS Financial Services. The company raised the equity to support the collection features on the platform, as well as expanding its operation across India.

Earlier in the year, Shunwei contributed to the $103m funding round of PINTEC, an end-to-end solution for the analysis of retail financial services. The platform is backed by AI, big data and blockchain technology and helps businesses understand use cases, data, risk, capital and products.

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