To increase its presence in the healthcare finance market, the digital lending platform LoanTap acquired Unofin, a FinTech startup with a healthcare focus.
With this acquisition, LoanTap intends to make use of Unofin’s healthcare financing know-how. With this acquisition, LoanTap, which already operated in the healthcare finance market, will be able to expand its customer base and develop a deeper understanding of the industry.
Over 12,000 customers have reportedly been served by Unofin with gross loan disbursements totaling Rs 120 crore. The business has established itself as one of the major players in the healthcare financing sector through partnerships with 1,600 healthcare service providers across 7 cities.
LoanTap, run by Satyam Kumar, provides loans with annual interest rates of 15–24% for amounts between 50,000 and 10 lakh rupees. It has two NBFC subsidiaries that are registered with the RBI and claims to have facilitated loans totaling Rs 1,700 crore for its subsidiaries and technology clients.
Over ten companies, including some of India’s largest banks, non-banking financial institutions (NBFIs), payment platforms, and ERP solution providers that serve about 2 million small and medium-sized businesses, are clients of the Pune-based startup (MSMEs).
LoanTap raised Rs 24 crore ($2.9 million) from the international investment company Lighthouse Canton last month.
The startup also has plans to offer term loans, working capital loans, and equipment financing to healthcare institutions and professionals.
