Lentra closes $60M in Series B led by Bessemer Venture Partners, SIG and Citi Ventures
The fresh funds will be used for products and platform strengthening, and also for international expansion, including the USA.
Cloud lending platform has closed its Series B funding round with a transaction value of $60 million, led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.
As per the official release, the funding will be used for products and platform strengthening, and also for international expansion, including the USA.
D Venkatesh, Founder and 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 says it 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 third-party API connectors to various data sources that banks want to join.
"We were really impressed with the combination of their technology prowess and the commercial advantage that Lentra is delivering to their clients,” said Vishal Gupta, Partner at Bessemer Venture Partners.
According to Bhavanipratap Rana, Investment Advisor to SIG, “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.”
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.