Fintech company LoanTap and a banking-as-a-service startup Hyperface have reached a strategic partnership to boost online lending services in India.

LoanTap partnered with Hyperface company, which focuses on credit card issue services, to improve the user experience for its advanced lending APIs with Hyperface’s customer onboarding solution, OnboardIQ.

LoanTap provides multi-purpose personal and business loan products up to INR 10 lakhs with flexible repayment terms. The loan approval takes place online within a timeframe of between 30 minutes and 6 hours. Credit funds disbursal then happens within 24-36 hours. LoanTap’s target audience includes salaried professionals and self-employed entrepreneurs.

With the new partnership, the fintech aims to streamline the entire lending process, combining its own robust lending infrastructure with Hyperface’s configurable user journeys for customer conversions. The combination is expected to create a smooth and intuitive user experience from application to loan disbursement.

Hyperface positions itself as an all-in-one platform for launching and managing credit card programs. The platform leverages smart APIs, behavioural insights and ready-to-plugin user journeys.

Its Onboard IQ solution enables customers to build unique smart workflows with adaptive automation, customisable user interfaces, distinct multi-channel onboarding flows, real-time data insights, and maker-checker systems to maintain regulatory compliance and operational integrity.

Digital lending is popular in India, being one of the fastest-growing fintech segments nationwide. Not only are emerging startups and established businesses trying to fulfil the demand for online credit solutions, but the Reserve Bank of India (RBI) also?intends to launch a technology platform called the Unified Lending Interface (ULI) that aims to enable frictionless lending.

The segment is increasingly disrupted by artificial intelligence (AI). The technology is able to quickly process and analyse applicant information, including credit scores, income, and other relevant factors, to make quick and consistent lending decisions and access credit risks, as well as personalise loan offers, answer questions, and give some loan tips.