OpenTap is a FinTech company providing alternate finance - peer to peer lending services for the middle to low income group demographic. OpenTap is working towards financially including blue collar workers whose salary ranges from INR 6K to INR 20K a month. They have little or no accumulated savings, and like others, have planned / unplanned financial requirements. Banks find this population commercially unviable, consequently the services offered by them are also very limited and in many cases, non-existent. As a result, this population unfortunately use their banks only to withdraw money. So, when an emergency knocks, they turn towards alternate sources of finance which are limited, unregulated and risky.
Three individuals with two things in common – Wall Street and a burning desire to do something for the not so inclusive section of the society, got together and incubated OpenTap.More
The management team has cut their lifelines to well-paying corporate jobs and ventured into the stormy waters of start-ups and alternate finance.More
Life in a start-up can be very interesting and invigorating. Almost everything needs to be built ground up and the opportunity to try out new, disruptive ideas is extremely high.More
"Since I work in a factory, in a shift mode, it is impossible to take time and go out for anything. Approaching a bank for a loan would mean that I have to apply for time away from work – and that is not possible. Since OpenTap's loan application and process was easy, I did not have to go away from my place of work, I preferred taking a loan from them."
"If we approach banks for a loan, the interest rates are higher and the entire process is very time consuming. Both these issues are taken care of with OpenTap. That’s one of the main reasons why I've taken a loan from them, and have talked about them to several of my friends as well."
"I want to provide higher education for my children. School fees we could manage, but college fees was a challenge. We had to look at the option of taking a loan. With other sources, we end up paying 5 times more on just interest rates. In taking a loan from OpenTap, the money saved on lower interest rates is used elsewhere."
"My son will become the first engineer in the family, I am very proud…"
"Yes, we can take loans from banks. But unless we know someone there personally, the entire process is lengthy and cumbersome. OpenTap's quick and easy process made them the obvious choice. I keep telling my friends about them as well."
"There was a medical emergency that required immediate attention. Turning to banks for this help would have been near impossible. Was introduced to OpenTap, who offered very timely help. The process was quick and very simple – ever since, I've been referring them to others."
"I did not know banks offer loans too. And I don’t have the time to go out and understand all this. We work in shifts, so doing anything during work hours is very difficult."
"I took a loan from OpenTap because I needed money for the hospitalization of my mother. The process was online – easy and comfortable. I opted for OpenTap because of the short processing time as opposed to long and time consuming process with banks."
"I had applied for a loan from a bank. They said they will process it in 4 days. Even after a month passed by, nothing happened. So, I reached out to OpenTap. It’s a simple process, anyone can avail a loan. It was very useful for me during an emergency, am very grateful for this."
"I had initially applied for a bank loan. The process was lengthy and was delayed a lot. My friend then told me about OpenTap and said that they process loans quickly. So, I reached out to OpenTap."