OpenTap - Fin startup to foray into Trichy

The Chennai-based alternate finance growth stage startup OpenTap has expanded operations in Tamil Nadu by commencing services in Coimbatore, Salem and Trichy. The company will base its regional office in Coimbatore, while the other two will act as branch offices.

The company aims at lending close to Rs 25 crore in the region, across 10,000 loans, by end of 2018.

With the expansion, OpenTap said it is now present in Bangalore, Chennai, Coimbatore, Gobichettipalayam, Nashik, Pondicherry, Pune, Salem, Tirupur and Trichy.

The opportunities for alternate lending in our country is huge and is definitely set to redefine lending services in India.

The region has more than 50 lakh people working in the industrial belt. Disbursing 10,000 loans by the year end is just the beginning. We have plans to further widen our presence in this region so we're able to impact more lives,” said Senthil Natarajan, chief executive officer of OpenTap

Founded in 2015, the lending startup currently focuses on providing short term credit for the vastly underserved population of the blue-collar workforce, whose monthly income is below Rs 25,000.

The startup aims to reach Rs 100 crore and add 40,000 customers by the end of calendar year 2018.

Source