LoanTap secures $2.9 Million debt funding from Lighthouse Canton
LoanTap, a Pune-based digital lender announced on Monday that it has secured $2.9 million (approximately Rs 24 crore) in debt funding from global investment firm Lighthouse Canton.
The new funds will be used to help the Pune-based startup scale and expand its lending vertical.
LoanTap, founded in 2016 by Satyam Kumar and Vikas Kumar, provides loans and overdraft products to salaried professionals earning Rs 30,000 and above. In addition, the company offers credit solutions to micro, small, and medium-sized enterprises (MSMEs) in the areas of personal finance, supply chain invoice financing, and electric two-wheelers.
LoanTap has raised nearly $24.1 million (Rs 200 crore) in equity funding to date, with investors including Kae Capital, India Quotient, Avaana Capital, 3one4 Capital, and Tuscan Ventures.
“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.
Lighthouse Canton, based in Singapore, is a global investment firm with over $ 3 billion in assets under management and advisory, as well as offices in Singapore, Dubai, and India. This year, the firm closed its first India-focused venture debt fund, LC Venture Debt, for Rs 155.4 crore (approximately $19 million).
For quite some time, the online lending space has seen a significant increase in investor interest.
EarlySalary, an online lending platform, raised $110 million in a Series D round of funding led by TPG’s The Rise Fund and Norwest Venture Partners in August 2022. MoneyTap, a consumer lending platform, raised Rs 500 crore in a Series B round led by Aquiline Technology Growth (ATG), RTP Global, and Sequoia India in 2020.
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