Fintech SaaS Startup Lentra Raises $60 Mn In Series B Round
Lentra, a cloud lending platform, has closed its Series B funding round with a transaction value of $60 million. The funding round was led by existing investors Bessemer Venture Partners and SIG Venture Capital, with participation from Citi Ventures.
As per the startup, the raised funds will be used for products and platform strengthening and also for international expansion, including the USA.
Lentra | Driving Lending Ecosystem
Founded by D Venkatesh, Lentra is transforming the lending space with a SaaS model that simplifies digital inclusion and makes loan approvals faster and seamless.
The startup offers ready-to-use third-party API connectors to various data sources that banks want to join.
Speaking about the development, D Venkatesh, Founder and CEO of 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.”
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.
Lentra has more than 50 clients in India, and with this funding, the startup plans to expand overseas in Asia and the USA.
Commenting on the development, 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 instant configurable lending journeys.”