Funds to be used for product strengthening and international expansion
MUMBAI: Lentra, the class-leading Cloud lending platform, has closed its Series B funding round with a transaction value of USD 60 mn, led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures. Masterkey Capital was the Investment Banker. The funding will be used for products+platform strengthening and also for International expansion, including the USA.
D Venkatesh, Founder & CEO, Lentra said “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.”
The four-year-old technology 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 3rd party API connectors to various data sources that banks crave to hook into. Several types of pre-configured loan journeys for originations, a 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. “We were really 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.”
Bhavanipratap Rana, Investment Advisor to SIG said, “Banking lending software is an area where innovation has not kept pace with product releases, due to monolithic legacy software. Lentra through its modular lending cloud architecture has helped some of the largest banks in India democratize credit access by expanding into newer retail assets through instantly configurable lending journeys.
We are excited to support Lentra which was SIG’s first Indian VC investment in 2019. Since SIG’s investment, Lentra has demonstrated superior metrics on revenue retention and grown 20x, while exhibiting strong capital efficiency. SIG is excited for Lentra’s next phase of growth as it embarks on serving global customers.”
Everett Leonidas, Director & APAC Lead Investor for Citi Ventures, added, “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.”
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 USA.
