Lentra, a fintech SaaS startup secures $60 million in funding to assemble a war chest for acquisitions
- ByStartupStory | November 14, 2022
With the assistance of existing investors Bessemer Venture Partners, Susquehanna International Group (SIG) Venture Capital, and Citi Ventures, Lentra, a provider of cloud-based lending software, has raised $60 million in new funding.
According to reports, the company stated that it would use the money for market expansion into other nations, acquisitions, and product improvement.D Venkatesh launched the Software-as-a-Service (SaaS) business Lentra in 2018. Lentra uses a simple, adaptable, and secure technology platform to accelerate embedded banking with speed and scalability.
The company’s founder and CEO, D Venkatesh, told that with the money raised, “we have a fairly significant war chest and would look at chances to purchase out talent as well as to restructure our systems, in a bid to better service to our consumers.”
In order to evaluate the state of banks and financial institutions’ loan portfolios and provide an early warning on defaults and bad debt, Lentra also performs portfolio cleaning.
“With effective financial inclusion and credit decisions, Lentra is enabling lenders to fuel the aspirations of millions of people. According to Vishal Gupta, a partner at Bessemer Venture Partners, “We were really impressed with the combination of their technological prowess and the commercial advantage that Lentra is delivering to their clients.”
We are very enthused by the team’s capacity to create and expand low-friction software solutions for lenders, and Lentra is our first fintech investment in India. As a major financial institution, Citi Ventures welcomes Lentra’s plans to expand its offerings and platform abroad, according to Everett Leonidas, director and lead investor for APAC.
Lentra is revolutionising the lending industry with a SaaS platform that makes digital inclusion easier and loan approvals more frictionless than ever. Lentra’s API-driven modular architecture, which is supported by AI, ML, and Blockchain technologies, enables banks to design customised lending products and customer experiences with an astounding 96% STP rate. This increases access to a new customer base, lowers NPAs, and increases operational effectiveness.
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