LoanTap launches ‘Co-Lending’ for Merchant & Retailers in India
By Gloria Mathias
LoanTap, an India-based FinTech firm in the lending industry has launched co-lending for the AfterPay segment to expand its support to a wider range of retailers.
In a strategic move, LoanTap has partnered with financial institutions such as Muthoot Finance and Mirae Asset as co-lending partners. This step forward allows the firm to broaden its support to a wider array of retailers, thereby fostering growth opportunities for businesses of all sizes.
By extending credit to this segment, both FinTech and its co-lending partners share the risk involved, ultimately empowering them to allocate funds to a broader spectrum of retailers.
LoanTap is transforming MSME (Micro, Small, and Medium Enterprises) financing by offering retailers a flexible and secure short-term revolving credit line ranging from ₹25,000 to ₹5,00,000, with repayment periods spanning 7 to 30 days. This tailored approach ensures that the unique needs of retailers are met, enabling them to manage their finances. Presently, LoanTap collaborates with retail firms such as Saveo, Vaayu, L&T Sufin, and BigBasket for vendor finance.
Mr. Ameet Venkeshwar, Chief Business Officer at LoanTap Financial Technologies, expressed his enthusiasm about this partnership, stating, “We are excited about this collaboration as it will allow LoanTap to provide credit access to those who were previously underserved. We are committed to innovation and customer-centric solutions, ensuring that retailers have access to the financial resources they need to thrive in the competitive retail landscape.”
LoanTap is an online platform committed to delivering flexible loan products to salaried professionals. It innovates in an otherwise dull loan segment, to deliver smart products for millennials. It utilizes technology for building flexibility in products, without adding cost to it.
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