by IANS |
Mumbai, Nov 14 (IANS) Cloud lending platform Lentra on Monday raised $60 million in its Series B round led by existing investors Bessemer Venture Partners and SIG Venture Capital, with participation from Citi Ventures.
The company said it will use the funds for products and platform strengthening and also for global expansion, including the US.
"We see a massive opportunity for ourselves in the retail assets and business banking areas worldwide. Ten-fold revenue growth and some of the biggest retail banks as our clients now, act as markers of our solution architecture," said D. Venkatesh, Founder and CEO, Lentra.
The four-year-old technology startup is one of the fastest growing enterprise software-as-a-service (SaaS) companies in India, empowering banks to embrace fully digital processes.
"We're excited to partner with Lentra to help establish their footprint globally. Lentra is empowering lenders to fuel the dreams of millions with effective financial inclusion and credit decisioning," said Vishal Gupta, Partner at Bessemer Venture Partners.
Founded in 2018 by Venkatesh and Ankur Handa, Lentra lending cloud services more than 40 banks and processes over 3 million applications monthly.
It has processed over 13 billion transactions and $21 billion worth of loans on its platform too date.
"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," said Bhavanipratap Rana, Investment Advisor to SIG.