Lentra, a supplier of cloud-based lending software, has raised $60 million in new capital, with the help of previous backers Bessemer Venture Partners, Susquehanna International Group (SIG) Venture Capital, and Citi Ventures.
The business claimed it will utilise the funds for product improvement, acquisitions, and market expansion into other countries, as per reported by The Economic Times.
Lentra is a Software-as-a-Service (SaaS) company founded in 2018 by D Venkatesh that is accelerating embedded banking with speed and scalability by using a straightforward, customizable, and secure technological platform.
“With this fundraise, we have a fairly large war-chest and will look at opportunities to buy out talent as well as to revamp our systems, in a bid to better cater to our customers,” founder and chief executive D Venkatesh told ET.
Lentra also conducts portfolio scrubbing to assess the condition of banks and financial institutions’ loan portfolios and offers an early warning on defaults and bad debt.
“Lentra is empowering lenders to fuel the dreams of millions with effective financial inclusion and credit decisioning. We were really impressed with the combination of their technology prowess and the commercial advantage that Lentra is delivering to their clients,” said Vishal Gupta, partner at Bessemer Venture Partners.
“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 scaling their products and platform internationally,” said Everett Leonidas, director & APAC lead investor for Citi Ventures.
Lentra is transforming the lending space with a SaaS model that simplifies the digital inclusion, makes loan approvals faster and seamless than ever before. Powered by AI, ML and Blockchain technologies, Lentra’s API-driven modular architecture helps banks create tailored lending products and customer experiences with an astounding 96% STP rate, all resulting in increased access to the new customer base, reduced NPAs, and improved operational efficiencies.