Fintech SaaS start-up Lentra on November 14 announced that it has raised $60 million in Series B led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.
Masterkey Capital advised on the deal as investment bankers.
The fresh funding will be used for strengthening and developing products and platform and International expansion, including the USA.
Founded in 2018, by D Venkatesh and Ankur Handa, Lentra Lending Cloud offers 3rd party API connectors to various data sources which includes several types of pre-configured loan journeys for originations, Loan management system, 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.
It is currently processes over 3 million applications monthly. It has more than 50 clients in India and will be using the funding to expand overseas in Asia and the USA.
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.”
Bhavanipratap Rana, Investment Advisor to SIG, “ 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.” Moneycontrol