MoneyTap sets Rs Rs 2,000 crore loan disbursal target in 2018

BENGALURU: Bengaluru-based digital loan facilitating startup Money-Tap is targeting an annual run rate of Rs 2,000 crore of loan disbursals by the middle of next year.

Having already clocked an annual run rate of Rs 500 crore, the startup is confident that more lending partners and stronger technology support will help the company achieve the targeted scale next year.

“We are confident of attaining an annual run rate of Rs 2,000 crore by July 2019 and with a couple of more lending partnerships lined up we can take business to more than 50 locations within the next four months,” said Bala Parthasarathy, cofounder, MoneyTap.

MoneyTap offers a line of credit product for customers sourcing loans primarily from RBL Bank and Aditya Birla Capital. With an interactive app and an easy to manage interface, MoneyTap has managed to give out more than 50,000 loans already.

“Our loans vary between Rs 3,000 and Rs 1 lakh, with the tenure of loan shifting between two months and three years. With the help of decision-making engine that we run, we have managed to keep non-performing loans at less than 1%,” he said.