Fintech SaaS Startup Lentra, which is backed by HDFC Bank, raised $60 million in its Series B fundraising round, which was co-led by Citi Ventures and previous backers Bessemer Venture Partners (BVP) and Susquehanna International Group (SIG).
The startup, which has its headquarters in Pune, intends to utilize the funds to upgrade its goods and expand its selection. It also has aspirations to grow globally, beginning with Southeast Asian countries since it is persuaded by the presence of credit-worthy people in these regions. By the start of the following quarter, it will be functioning in Vietnam, the Philippines, and Indonesia. Two more economies will follow. The business also intends to grow in the US.
Lentra is looking to acquire businesses that provide data solutions, robotic process automation, and payment solutions in order to expand its capabilities. The corporation prefers stock transactions to cash ones said Venkatesh, CEO of Lentra.
Lentra, a software-as-a-service company founded in 2019 by Venkatesh and Ankur Handa, enables banks to adopt digital operations. Through its Lentra Lending Cloud, banks can connect to a variety of data sources via ready-to-use third-party API (application programming interface) connectors. It has more than 50 customers in India and will use the funds to grow internationally.
According to Venkatesh, “We see a significant possibility for growth in the retail assets and business banking sectors globally. Our clients’ companies see us as a source of competitive advantage. Our solution architecture is currently being marked by some of the largest retail banks as clients”.
Our first financial technology investment in India is Lentra. We anticipate Lentra expanding their products and platform internationally as a major bank, said Everett Leonidas, director and Asia-Pacific lead investment for Citi Ventures.
Lentra acquired Singapore- and Chennai-based AI business TheDataTeam in June 2022 for an unknown sum in order to assist banks and other financial institutions in making better data-driven judgments on customers’ loan repayment histories.