Indian digital lending cloud platform Lentra AI has bought TheDataTeam (TDT), an artificial intelligence (AI) firm, for an undisclosed sum.
Lentra, which is backed by Indian banking giant HDFC Bank, did not disclose the terms of the transaction.
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.
The integration is also expected to aid in launching new products quickly.
Following the transaction, TDT CEO and founder Rangarajan Vasudevan joined Lentra as chief data officer.
Lentra chief revenue officer Sandeep Mathur said: “We are seeing an explosive growth in the credit market. Some of our clients have grown their loan book by 10X after coming on board the Lentra lending cloud.
“By integrating Cadenz platform into the Lentra lending cloud we will be able to provide an even bigger competitive edge to our clients in the entire credit lifecycle, from lead generation through origination to and the post-disbursal activities of loan management system, monitoring, collections and risk management.”
Vasudevan said: “Lentra has already established itself as the fastest-growing lending cloud. Given both companies had ambitions to scale fast in adjacent spaces and in the same geographies, it made perfect sense to merge our strengths in product and business building.”
Founded in 2019, Lentra is backed by the likes of HDFC Bank, SIG and Bessemer Venture Partners.
The cloud-native platform is said to work with 50 banks and financial institutions and claims to have processed over 13 billion transactions.
Last week, HDFC Bank announced plans to double its branch network in the next three to five years.