Lentra, an Indian fintech software-as-a-service (SaaS) startup, has reportedly secured $60m in a Series B funding round, enabling the firm to expand globally.
The financing was led by existing investors including Bessemer Venture Partners and SIG Venture Capital. The round also saw the participation of Citi Ventures.
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Meanwhile, Masterkey Capital served as investment banker for the transaction.
The company is expected to use the new infusion to improve its products and Lentra Lending Cloud platform.
The digital lending platform also plans to focus on expanding operations across Asia and the US.
Reports quoted Lentra founder and CEO D Venkatesh as saying: “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.
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By GlobalData“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.”
As a four-year-old enterprise SaaS company, Lentra provides easy-to-use third party application programming interface (API) connectors to data sources via Lentra Lending Cloud.
The platform, with nearly 50 clients in India, also supports banks to adopt complete digital processes.
Furthermore, the company offers multiple pre-configured loan modules including loan management system, customer intelligence and no-code business rules engine (BREx ) for its clients.
Earlier this year, Lentra AI bought TheDataTeam (TDT), an artificial intelligence firm, for an undisclosed sum.
The firm intends to integrate TDT’s behaviour intelligence platform Cadenz to enable banks and financial institutions to make informed decisions about customers’ credit worthiness based on their financial background.
