LoanTap plans to disburse loans totaling Rs 800 crore in FY20

Fin-tech startup LoanTap is targeting to disburse loans worth Rs 800 crore during the financial year 2020, a top executive said.

Founded in 2016, the company has so far disbursed loans worth Rs 230 crore, reporting around 4x year-on-year growth.

"Except for the macro economic things which of course is under nobody's control, from the sector perspective, the worst is already over. Although the IL&FS crisis has happened, things like these doesn't happen every year. Once in six-seven years such a cyclical thing happens. So now we expect that next three four years the next level of momentum will happen," Amit Tewary, chief operating officer told Moneycontrol.

LoanTap recently received a funding of over $8 million through a combination of equity and debt instruments from 3one4 Capital and existing investors such as  Shunwei Capital, Kae Capital, India Quotient, Tuscan Venture and angel investor Ashish Goenka.

It also plans to raise its next round of funding this financial year. Tewary, however did not disclose the size of the investment the company would look to raise.

LoanTap Financial Technologies has an in-house NBFC and offers customers loans with a starting interest rate of around 18 percent. The average loan size ranges between Rs 2-3 lakh.

It was founded by Satyam Kumar Vikas Kumar and also offers EMI free loans, a personal overdraft, rental deposit loans and credit takeover.