HDFC Bank-backed lending software provider Lentra has bagged a $60 million Series B funding round. Existing investors Bessemer Venture Partners (BVP) and Susquehanna International Group (SIG) led the fresh funding round. Citi Ventures also took part in the fundraising.
The firm intends to use the funds to expand its offering.Further, it intends to expand internationally, starting with Southeast Asian markets, to capture the credit-worthy population in the subcontinent. According to the company, it will be operational in Indonesia, the Philippines, and Vietnam by the next quarter of this year; further, it also plans to expand in two more economies and in the US as well.
The Pune-headquartered firm plans to use the capital to improve products and enhance its offerings. It also plans to expand internationally, starting with Southeast Asian markets, convinced by the credit-worthy population in these areas.
It will be operational in Indonesia, the Philippines, and Vietnam by the beginning of the next quarter and in two more economies going forward. The company also plans to expand to the US. To enhance its offerings, Lentra is also looking to acquire companies providing data solutions, robotics process automation, and payment solutions.
Lentra, a software-as-a-service (SaaS) company founded in 2019 by Venkatesh and Ankur Handa, allows banks to embrace digital processes through its offering. Lentra Lending Cloud offers ready-to-use third-party API (application programming interface) connectors to various data sources that banks use for underwriting purposes.
The firm claims that more than 40 banks and processors use its lending cloud services for over 3 million applications monthly. Moreover, according to the firm, it has processed more than 13 billion transactions and $21 billion worth of loans on its platform so far.
Currently, the lender employs a team of nearly 500 people. Moreover, Lentra would be a 700-member team in a year. In the previous fiscal year, the company posted a revenue of Rs 78 crore, up from Rs 48 crore in the previous corresponding year.
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