LoanTap Financial Technologies is a digital lending platform, recently raised ₹74 crore in a pre-Series C funding round. The freshly secured funds will be used to enhance the supply chain financing offerings for micro, small and medium enterprises (MSMEs).
The funding round saw participation from a new investor, July Ventures. The existing investors, 3one4 Capital, Avaana Capital, Kae Capital, and Swapurna Family Office, also participated in the funding round.
CEO and Founder of LoanTap, Satyam Kumar, said, “BICRI also enables distributors to evaluate and extend business and trade credit to retailers. Together, with these two engines, capital access and credit preparedness we plan to drive the next phase of MSME empowerment.”
In the last 2 years, LoanTap has been operating their supply chain financing through LT Credit. They have financed 50,000+ retailers with over 4.5 lakh invoices that amount to more than 1,000 crore. And with the newly raised funds, they aim to reach 2 lakh retailers within the next year.
LoanTap was founded in 2016 as a digital lending platform that meets of variety of financial needs, customised according to small businesses.
“We are on a mission to bridge the MSME credit gap through data-driven supply chain financing and our proprietary BICRI tool, to enable distributors to assess and extend trade credit, creating a dual engine of capital access and credit readiness. With over 50,000 retailers and 4.5 lakh+ invoices already financed, we have cemented our position in supply chain financing with disbursals over ₹1000 Cr in MSME segment,” – announced LoanTap on LinkedIn.
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