LoanTap, a lendingtech startup, has acquired healthcare-focused fintech startup Unofin to expand its presence in the healthcare finance space and offer affordable financing options for healthcare needs. The deal will also enable LoanTap to offer customised financing solutions to Unofin’s network of hospitals, clinics, and medical equipment suppliers. LoanTap plans to introduce an array of products such as equipment financing, working capital loans, and term loans to healthcare professionals and institutions as part of the acquisition deal. LoanTap has raised more than $29 Mn in funding to date and offers customised loans to individual customers, operating as an in-house RBI registered NBFC. Unofin offers healthcare-focused loans to consumers in Delhi NCR, Jaipur and Chandigarh, claiming to have disbursed loans up to INR 120 Cr and served over 12K customers so far.
The acquisition of Unofin by LoanTap is a strategic move for the lendingtech startup to expand its product offerings and tap into the immense potential of the healthcare sector. Unofin claims to have partnered with over 1600 hospitals in seven Indian cities and has disbursed loans up to INR 120 Cr and served over 12K customers so far. The Indian fintech sector has attracted over $24 Bn in investments between 2014 and 2022 and is currently home to 22 unicorns and 33 soonicorns. The segment is expected to grow at a CAGR of 18% to become $2.1 Tn by 2030.