Cloud lending platform Lentra has closed its $60 million Series B funding round, led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.
According to the official statement, the funds will be used for the strengthening of products and platforms, and also for international expansion, including the US.
D Venkatesh, Founder and CEO of Lentra, said: “We see great opportunity for us in the areas of retail assets and commercial banking around the world. At the same time, our clients see us as a source of competitive advantage for their business. Ten times revenue growth and some of the largest 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 in our ability to execute.”
The four-year-old tech startup says it is one of the fastest growing enterprise SaaS companies in India, enabling banks to adopt fully digital processes. Lentra Lending Cloud offers ready-to-use third-party API connectors for various data sources that banks want to join.
“We have been really impressed with the combination of its technological prowess and the business edge that Lentra brings to its clients,” said Vishal Gupta, partner at Bessemer Venture Partners.
According to Bhavanipratap Rana, Investment Advisor at SIG, “Bank lending software is one area where innovation has not kept pace with product launches, due to monolithic legacy software. Lentra, through its modular lending cloud architecture, has helped some of India’s largest banks democratize access to credit by expanding into newer retail assets through instantly configurable lending journeys.”
Lentra has been at the forefront of digital lending transformation since 2019. It has more than 50 clients in India and will use the funds to expand overseas in Asia and the US.