Fintech start-up OpenTap, headquartered in Chennai is nurturing a very unflinching goal of financial inclusion of the underserved population which is over 70 million of the country. It has been embarked on a two-fold expansion plan. Spreading geographically is the first one so it reaches out to a wider base. Gujarat and Western Maharashtra are on the cards which will be taken care of over the next few months. To introduce new products in line with requirements of the consumers will be the second one in order to become a one-stop-shop for all their financial needs.
According to Senthil Natarajan, co-founder and CEO of OpenTap, the firm is not only limited to addressing new consumers and new markets, but also it opens new avenues to work better and loser with existing consumers.
It has collaborated with three financial organisations— small finance bank, a large financial conglomerate, a and a mid-sized NBFC. Two more partnerships on its way. Affordable housing and two-wheeler loans are other things into which the start-up will be involved.
OpenTap is something that offers alternate financial services as a short-term credit to salaried under-banked people. Founded in 2015 by a trio of former investment bankers It had Senthil Natarajan, Harish Devarajan and Suresh Venkataramani who spent their service years in Wall Street, before beginning their lives as entrepreneurs.
OpenTap has worked with 40 organisations across Nashik, Bengaluru and Chennai. 120 individuals were helped by the start-up from a population of over 8,000. Its total loan book size, till December 2016 was at Rs 30 lakh.
With headquarters in Chennai and regional offices in Greater Coimbatore, Chennai, Mumbai and Pune, Bengaluru today, OpenTap has an active borrower base of over 1200 individuals, a presence across 18 different regions and a loan book size of over Rs 3.5 crore.