Lentra, a fintech and cloud lending platform, closed its Series B funding round by raising $60 million, led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.
The funding will be used for product and platform strengthening as well as international expansion, including in the United States.
Dr. Venkatesh, Founder and CEO, Lentra said: “We see huge opportunity for ourselves in retail assets and corporate banking around the world. At the same time, our customers see us as a source of competitive advantage for their business. Ten-fold revenue growth and some of the largest retail banks among our current customers, act as markers of our solution architecture. I am delighted that our investors see the same opportunity and are confident in our ability to execute.
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The four-year-old tech startup is one of the fastest growing SaaS companies in India, enabling banks to embrace fully digital processes.
Everett Leonidas, Director and Principal APAC Investor for Citi Ventures, said, “Lentra is our first fintech investment in India, and we are very excited about the team’s ability to develop and scale low-friction software solutions. for lenders. As a global bank, we look forward to Lentra expanding its products and platform internationally. »
Lentra Lending Cloud offers out-of-the-box third-party API connectors to various data sources that banks want to connect to.
Multiple preconfigured loan journey types for originations, a loan management system, state-of-the-art customer intelligence, and a no-code business rules engine (BREx) are important modules that customers can use right away. Customers can choose to use all or part of these modules according to their needs.
“We are delighted to partner with Lentra to help establish their global presence. Lentra enables lenders to fuel the dreams of millions of people with effective financial inclusion and credit decision making,” said Vishal Gupta, Partner at Bessemer Venture Partners. “We were really impressed with the combination of their technological prowess and the business advantage that Lentra offers its customers. We look forward to helping them continue to realize their vision of becoming the most trusted and sought-after cloud-native digital lending platform, enabling customers to democratize credit through accurate decision-making and fast processing.
Bhavanipratap Rana, Investment Advisor at SIG, said, “We are delighted to support Lentra, which was SIG’s first Indian venture capital investment in 2019. Since SIG’s investment, Lentra has demonstrated superior metrics on retention of income and has been multiplied by 20, while showing strong capital efficiency. SIG is excited about the next phase of growth for Lentra as it commits to serving global customers.
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