Newtap Technologies, the Indian fintech startup led by entrepreneur Kunal Shah, is reportedly in discussions to raise between $50 and $70 million in funding. The funding will be used to push the company’s lending business forward, expanding its offerings to more customers and developing its existing suite of products.
Founded in 2015, Newtap Technologies began as a loyalty rewards platform, but has since pivoted to focus on the lending space, offering a range of digital lending solutions to consumers. The company currently operates under the brand name Cred, which has become a popular platform for credit card bill payments and rewards.
According to reports, Newtap Technologies is seeking the funding to help it expand its lending business to a wider audience. The company plans to develop new products and services, and is also said to be exploring the possibility of acquiring other businesses to further bolster its offerings.
The potential funding comes at a time of rapid growth for Newtap Technologies. In January 2021, the company raised $81 million in a funding round led by DST Global, valuing the company at $806 million. At the time, Shah said that the funding would be used to expand the company’s product offerings and bring new customers on board.
According to recent reports, Newtap Technologies’ lending business has been growing steadily, with the company seeing a surge in demand for its services during the pandemic. The company is said to be on track to achieve a loan disbursement target of $3 billion by the end of this financial year, up from $2.7 billion in the previous year.
The news of Newtap Technologies’ latest fundraising efforts comes amid a flurry of activity in India’s fintech space, which has seen a number of high-profile startups raising large sums of money in recent months. This includes companies like Razorpay, which raised $160 million in April, and Groww, which secured $83 million in a funding round earlier this year.
Overall, the outlook for Newtap Technologies appears bright, as the company continues to expand its offerings and grow its customer base. With the potential injection of new funding, it will be interesting to see what developments the company will bring to the table in the coming months.

Overall, the outlook for Newtap Technologies appears bright, as the company continues to expand its offerings and grow its customer base. With the potential injection of new funding, it will be interesting to see what developments the company will bring to the table in the coming months.