Lentra closes Series B funding, raises $60 million
The four-year-old startup is one of the fastest growing enterprise SaaS companies in India, empowering banks to embrace fully digital processes. Lentra Lending Cloud offers ready to-use third party API connectors to various data sources that banks crave to hook into.
PremiumNew Delhi: Fintech software-as-a-service (SaaS) startup Lentra on Monday closed its Series B funding round, having raised $60 million led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.
Masterkey Capital were the investment bankers. The funding will be used for products, platform strengthening and also for international expansion, including in the US.
“We see a massive opportunity for ourselves in the retail assets and business banking areas worldwide. At the same time, our clients see us as a source of competitive advantage for their business. Ten-fold revenue growth and some of the biggest retail banks as our clients now, act as markers of our solution architecture. I am excited that our investors see the same opportunity and are confident of our ability to execute," said D Venkatesh, founder & CEO, Lentra.
The four-year-old startup is one of the fastest growing enterprise SaaS companies in India, empowering banks to embrace fully digital processes. Lentra Lending Cloud offers ready to-use third party API connectors to various data sources that banks crave to hook into.
Several types of pre-configured loan journeys for originations, Loan management system, cutting-edge customer intelligence and a no-code Business rules engine (BREx ) constitute some significant modules for clients to use out of the box. Clients can choose to use all or some of these modules as per their requirements.
“We’re excited to partner with Lentra to help establish their footprint globally. Lentra is empowering lenders to fuel the dreams of millions with effective financial inclusion and credit decisioning" said Vishal Gupta, Partner at Bessemer Venture Partners.
Gupta added that they were impressed with the combination of their technology prowess and the commercial advantage that Lentra is delivering to their clients. “We look forward to helping them continue to achieve their vision of becoming the most trusted and sought-after cloud-native digital lending platform, empowering clients in democratizing credit through accurate decisioning and rapid processing."
Lentra has been at the forefront of digital lending transformation since 2019. It has more than 50 clients in India and will be using the funding to expand overseas in Asia and the US.
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