Pune-based LoanTap buys healthcare-focused fintech startup Unofin

Pune-based LoanTap Financial Technologies Pvt Ltd has acquired healthcare-focused fintech firm Unofin, the company announced on Wednesday, 29 March. The deal amount remained undisclosed.

With this acquisition, LoanTap aims to leverage Unofin's expertise in healthcare financing to expand its reach in the rapidly-growing healthcare sector in the country, the company said in a statement.

"This acquisition is a strategic move for us to expand our product offerings and tap into the immense potential of the healthcare sector. We believe that healthcare financing is a niche segment with tremendous growth potential," said Satyam Kumar, CEO and co-founder of LoanTap.

New Delhi-based Unofin offers contactless and digital payment experience services and allows people to undergo any type of medical procedure that they desire, enabling them to pay for the care they want. It has tie-ups with 1,600 healthcare service providers in seven cities, including Delhi NCR, Jaipur and Chandigarh. Some of its lending partners include LoanTap, Faircent and Aditya Birla Capital.

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"With LoanTap`s digital capabilities, we will be able to reach a much larger customer base and provide them with seamless access to credit," said Tushar Aggarwal, Co-founder, and CEO of Unofin.

In past, Unofin has raised funding from LV Angel Fund, First Cheque, family offices and others.

In 2016, Satyam and Vikas Kumar founded LoanTap, which provides loans and overdraft solutions to salaried professionals making at least Rs 30,000 per year. Also, it extends credit to shops, anchors, and lenders. It has raised close to Rs 170 crore in equity and Rs 23.8 crore in venture debt so far.

In the space, last month, Mumbai-based Lendingkart acquired retail lender Upwards Fintech to offer personal loans to small businesses.

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