OpenTap is an early stage AltFin company, seeded with a singular objective of providing credit and other financial 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, like others, have planned and 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.
"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."
"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."
"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."
"Yes, we can take loans from banks. But unless we know someone there personally, the entire process is lengthy and cumbersome."
"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."
"I did not know banks offer loans too. And I don’t have the time to go and 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."
"Many employees are looking for short term loans for education, medical requirements. When they approach banks, their loans are rejected. They approached me for a solution and I advised them to get in touch with OpenTap."