Digital lending platform Loantap, which offers loans and overdraft products to salaried professionals has announced that it has made two significant hiring to strengthen its managerial functions.
The company, which is backed by the likes of India Quotient and Avaana Capital, has appointed Ashish Jain as the chief financial officer and Rajeev Das as the chief risk officer.
“I am excited to have Rajeev and Ashish and believe that they will add considerable value to the management and help the organization grow multidimensionally,” said Satyam Kumar, founder & chief executive officer at Loantap.
Jain, a qualified CA from The Institute of Chartered Accountants of India, has over a decade long experience in financial services space and had worked with brands like L&T Financial Services, IDFC FIRST Bank and KPMG.
He has previously headed L&T Financial Services and been an associate director of Finance at IDFC First Bank. He has worked in KPMG in the assurance vertical wherein he has led audits of large financial service clients.
Prior to joining Loantap, Das had over a two-decade long stint with Standard Chartered Bank. He has handled Rs 2,500 crore SME portfolio for the bank including purchase and sale of the new portfolio and was also instrumental in handling RBI audits, BRR audit (business risk review), TCF audit (treat customers fairly), Peer audit (KYC/AML), and group audit of various sales functions in India and abroad.
Loantap had raised its last equity funding in 2019 when it secured $12 million in its Series B round of funding. In early 2022, it roped in venture debt and alternative credit platform Blacksoil Capital as an investor.
LoanTap, which is operated by Loantap Financial Technologies Pvt. Ltd, was founded by Satyam and Vikas Kumar. Satyam has at least 17 years of experience in the loans industry, and has worked with IndusInd Bank, Deutsche Postbank, ICICI Bank and chemicals firm ICI India.
Vikas, who is the startup’s chief technology officer, has over 16 years of experience in the software industry. He founded and exited Brainvasa, a Pune-based e-learning firm.
The startup offers personal loans to salaried professionals earning Rs 30,000 and above and gives loan tenures from six months to five years. The company, whose loans range between Rs 50,000 and Rs 10 lakh, charges anywhere between 15-24% in annual interest.