Lentra closes Series B Funding Round With Transaction Value Of $60 Million The fund raised will be used for products and platform strengthening and also for international expansion, including the USA
By Teena Jose
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Lentra, the class leading Cloud lending platform, has closed its Series B funding round with a transaction value of $60 million, led by existing investors Bessemer Venture Partners and SIG Venture Capital along with the participation from Citi Ventures. Masterkey Capital was the Investment Bankers. The fund raised will be used for products and platform strengthening and also for international expansion, including the USA.
"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. 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," said D Venkatesh, founder and CEO, Lentra.
The Lentra lending Cloud services more than 40 banks and processes over 3 million applications monthly. It has processed over 13 billion transactions and $21 billion worth of loans on its platform so far, claimed by the company in a statement.
"Lentra is empowering lenders to fuel the dreams of millions with effective financial inclusion and credit decisioning. We were really impressed with the combination of their technology prowess and the commercial advantage that Lentra is delivering to their clients. We look forward to helping them continue to achieve their vision of becoming the most trusted and sought after cloud-native digital lending platform, empowering clients in democratizing credit through accurate decisioning and rapid processing," said Vishal Gupta, partner at Bessemer Venture Partners.
Founded in 2018 by D Venkatesh and Ankur Handa, Lentra is a lending platform designed and developed to empower banks with a fully digital ecosystem.
