Indian lendtech firm Lentra secures $27m in Series B extension
Indian lendtech firm Lentra has secured $27 million in a Series B extension round led by MUFG Bank and Dharana Capital.
Lentra raises $27m in Series B extension
The extension follows on from the company’s $60 million Series B round held in November last year, which featured participation from investors including Bessemer Venture Partners, SIG Venture Capital and Citi Ventures.
Founded in 2019, Lentra operates a cloud-native Software-as-a-Service (SaaS) platform built to help financial institutions create customisable lending products. The start-up claims to “simplify” digital inclusion by making loan approvals faster.
Lentra says it currently services more than 60 financial institutions and has processed more than $27 billion worth of loan applications on its platform.
“We have been scaling at a fast pace and this extended round is a strategic step towards fueling our ambition of empowering lenders globally,” comments D Venkatesh, founder and CEO of Lentra.
Of late, Lentra has expanded into countries including Vietnam, the Philippines, Indonesia and the US by setting up subsidiaries. The company has also recently launched a new loan management system, 1LMS.
With the fresh funding, Lentra plans to develop new products and double down on its international expansion, with an eye on the “highly lucrative” US and Asian markets.
