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Lentra, a leading cloud-based lending platform, has closed its Series B funding round in a deal valued at $60 million, led by existing investors Bessemer Venture Partners and SIG Venture Capital, with participation from Citi Ventures. Masterkey Capital is an investment banker. Funds raised will be used to strengthen the product and platform, as well as expand internationally, including the US.
“We see a huge opportunity in global retail assets and commercial banking. At the same time, our clients see us as a source of competitive advantage for their business. Revenues have grown tenfold and some of the largest retail banks as our clients now act as A hallmark of our solutions architecture. I am delighted that our investors see the same opportunity and have confidence in our ability to execute,” said D Venkatesh, Founder and CEO of Lentra.
Lentra Lending Cloud serves more than 40 banks and processes more than 3 million applications per month. So far, it has processed more than 13 billion transactions and loans worth $21 billion on its platform, the company said in a statement.
“Lentra is empowering lenders to advance the dreams of millions of people through effective financial inclusion and credit decisions. We are impressed by the combination of their technological prowess and the commercial advantages Lentra offers clients. We look forward to helping They continue to deliver on their vision of becoming the most trusted and sought after cloud-native digital lending platform, enabling clients to democratize credit through accurate decision making and fast processing,” said Vishal Gupta, Partner, Bessemer Venture Partners.
Founded in 2018 by D Venkatesh and Ankur Handa, Lentra is a lending platform designed and developed to provide a fully digital ecosystem for banks.
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