Lentra, a Pune, India-based fintech SaaS platform, raised $60 million in a Series B funding valued at over $400 million.
The round was led by Bessemer Venture Partners and Susquehanna International Group (SIG), with participation from Citi Ventures.
The funds will be used to keep its platform up to date, add new features, and make it more robust and faster. The startup also intends to expand beyond India and establish its business in other countries, beginning with three Asian economies: Indonesia, the Philippines, and Vietnam.
Following the initial expansion, the startup also intends to expand beyond Asia and into the United States.
“We want to help and empower the banks, who are our clients, to lend better, lend completely on a digital platform, and improve on all parameters,” said Dasharathi Venkatesh founder and CEO of Lentra.
Lenstra's top market is currently Mumbai, followed by Delhi, Chennai, and Bengaluru, and has a team of 500 people, with plans to expand to 800 to support ongoing plans.
Since its inception, Lentra has served over 50 clients and processed over 13 billion transactions and $21 billion in loans. Lentra provides digital loan services to commercial banks. Customers include HDFC Bank, Federal Bank, Standard Chartered, and IDFC First Bank.
Company: Lentra AI Private Limited
Round: Series B
Funding Month: November 2022
Lead Investors: Bessemer Venture Partners and Susquehanna International Group (SIG)
Additional Investors: Citi Ventures
Company Website: https://lentra.ai/
Software Category: Lending Platform
About the Company: Lentra is an Indian embedded AI-based finance startup, driving lending into the future with its simple, configurable, and secure technology platform that helps accelerate embedded banking at scale. Lentra is transforming the lending space with a SaaS model that simplifies digital inclusion and makes loan approvals faster. Lentra Lending Cloud, which gives ready-to-use third-party API connectors to various data sources, as well as a Loan Management System (LMS) and a no-code Business rules engine (BREx) with modules for clients to use out-of-the-box. The startup also has a platform called GoNoGo in its catalog that helps banks ascertain whether a loan should be given to a customer once they get their application. Powered by AI, ML, and blockchain technologies, Lenstra's API-driven modular architecture helps banks create tailored lending products and customer experiences. Its mission is to fuel the new-age lending ambitions of customers across the globe through digital transformation and the creation of a powerful digital ecosystem.