Mumbai, Nov 14 Cloud lending platform Lentra on Monday raised $60 million in its Collection B spherical led by current buyers Bessemer Enterprise Companions and SIG Enterprise Capital, with participation from Citi Ventures.
The corporate mentioned it’s going to use the funds for merchandise and platform strengthening and in addition for world enlargement, together with the US.
“We see a large alternative for ourselves within the retail belongings and enterprise banking areas worldwide. Ten-fold income development and a number of the greatest retail banks as our shoppers now, act as markers of our answer structure,” mentioned D. Venkatesh, Founder and CEO, Lentra.
The four-year-old know-how startup is without doubt one of the quickest rising enterprise software-as-a-service (SaaS) corporations in India, empowering banks to embrace totally digital processes.
“We’re excited to companion with Lentra to assist set up their footprint globally. Lentra is empowering lenders to gasoline the desires of tens of millions with efficient monetary inclusion and credit score decisioning,” mentioned Vishal Gupta, Associate at Bessemer Enterprise Companions.
Based in 2018 by Venkatesh and Ankur Handa, Lentra lending cloud companies greater than 40 banks and processes over 3 million purposes month-to-month.
It has processed over 13 billion transactions and $21 billion value of loans on its platform too date.
“Lentra by way of its modular lending cloud structure has helped a number of the largest banks in India democratize credit score entry by increasing into newer retail belongings by way of on the spot configurable lending journeys,” mentioned Bhavanipratap Rana, Funding Advisor to SIG.